Commerce and industry minister Piyush Goyal on Monday stressed the need for bolstering the renewable energy supply chain in India “to the best of our ability” and reduce reliance on other countries. Any such move will not just ensure energy security for the country — a focus area for the government — but also create opportunities for domestic companies to become global suppliers, he added.
Also Read: India will meet $2 trn export target by 2030: Piyush Goyal
Speaking at a CII event on renewable energy, Goyal said: “We have tremendous potential to make a big difference to India’s and the world’s future, both on sustainability and self-reliance on energy.”
“It is a great opportunity to nurture the renewable energy industry and grow into becoming a world supplier,” he added. The minister also urged industry to get into international collaborations and adopt global best practices to make India self-reliant in renewable energy. This will ensure twin advantages of sustainability and energy security.
The call for self-reliance comes amid a spike in energy costs in the wake of the Ukraine war, which has adversely impacted India’s trade balance as well as inflation. India, the minister said, has been relying on imports of machinery in both the renewable energy and conventional energy sectors.
The country also depends heavily on imports of crude oil and coal. In fact, it imports about 85% of its crude oil requirements. The prices of these products are subject to geopolitical uncertainties, Goyal said.