Due to the favourable policies initiated by the Indian government and commitment, the SIZ industry in India is becoming hot destinations for domestic and global investors. The below article provides a basis for the research of the Indian Solar market and identifies potential investment opportunities.
GOVERNMENT INITIATIVES AND POLICIES
More so, Indian government has been very active in the promotion of the generation of solar energy. The National Solar Mission launched in 2010 installed plans to make India a world hubs in solar energy. The target of the mission was changed in 2015 to an installed capacity of 100 GW by the year 2022 which clearly shows the commitment of the government toward renewable energy. The target on it comprises 40GW Roof Top Solar Plant and a 60GW Large and Medium Integrated Grid Solar Plant.
MARKET GROWTH AND POTENTIAL
The solar power has registered phenomenal growth in India. According to the data collated as on December 2023, India has commissioned about 60 GW of solar power as against only 2.6 GW in 2014. This growth is due to policy promotion, the continuous decrease in the cost of solar PV systems, and much more investors paying attention to this industry. According to the IEA estimates, India could reach about 255 GW of solar power by 2040 which will make the country one of the largest solar markets of the world.
FINANCIAL INCENTIVES AND SUPPORT
This story is from the September 08, 2024 edition of The Sunday Guardian.
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This story is from the September 08, 2024 edition of The Sunday Guardian.
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