Globally India stands 4th in wind power, 5th in solar power and 5th in overall renewable power installed capacity.
Nirmala Sitharaman, the Minister for Finance and Corporate Affairs tabled the Economic Survey 2019 in parliament on Thursday. According to the Survey data, renewable energy sources are a strategical national resource. The report quotes “Harnessing these resources might play an important role in India’s vision to achieve social equity and energy transition with energy security and a stronger economy and climate and change mitigation.”
While providing abundant energy access is important, it is also significant that it cannot come at a high cost of environmental sacrifice and in the past, the advanced economies have done it successfully without threatening their environment, stated the survey.
In the Indian electricity mix, the contribution of electricity produced from renewable sources is progressively increasing. In exclusion to hydro (above 25 MW) the share of total electricity generated from renewable energy sources increased to 10 per cent in 2018-19 from 6 per cent in 2014-15, the survey stated. As per figurative mention in the survey, it can be noted that India now ranks fourth in wind power, fifth in solar power and fifth in overall renewable power installed capacity, globally.
The Economic Survey estimates that there are expectations of an investment opportunity for over USD 30 billion annually for the next decade as there might be additional investments in renewable energy production plants estimating to about USD 80 billion for the time period up to 2022 and of around USD 250 billion for the period 2023-30.
Despite considerable growth in energy production from renewable sources, fossil fuel will still remain an important source of power the survey stated.