Renewable energy has arrived and it is the future of India, said Piyush Goyal at the Make in India Week event held in Mumbai on Monday during a seminar on Renewable Energy.
The renewable energy sector has helped in increasing green cover in the ratio of 1:2.5, according to government. Driven by the government of India’s ambitious target of scaling up from about 35 GW installed capacity in early-2015 to 175 GW by 2022, the rapid expansion of India’s renewable energy sector has generated unprecedented global buzz.
Goyal said in the next six and half years, new thrust will be in 2 areas — Hydro and Bio-fuels.
Laying emphasis on bio-fuels Goyal said, “Our vision is to give extra thrust to bio-fuels. This sector will help reduce pollution, increase income of farmers and India can even become self sufficient in petrol.”
Moving ahead, he spoke about Solar energy and said, India’s 175 GW target, the largest renewable energy capacity expansion programme in the world includes 100 GW from solar, 60 GW from wind, 10 GW from biomass and 5 GW from small hydro systems.
With over 25 GW wind capacity India ranks among top five nations globally and is in the top 10 with almost 5 GW of solar capacity. He hailed solar energy and said, “25 additional solar parks will be added in India.”
“Wind energy has already shown ability to produce large capacity of energy and now solar is the next to do so,” said Goyal.
At present, both wind and solar equipment is manufactured in India which adds up to over 9,500 MW capacity for wind and 1,200 MW for solar annually.
“Renewable energy is essential to fulfil the government’s aim to provide 24*7 power for all citizens by 2019,” he added.
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Talking more on solar energy Goyal said that solar manufacturing in India is still at an early stage, and is focused on the domestic market. While India’s solar cell production capacity stands at 1,200 GW, only 240 MW is in operation and the main reason behind this is local developers’ over reliance on imports.
Concluding the session Goyal added that domestic manufacturing is going to become cheaper in next 18 months.