Energy supply has always been a major problem in India. In fact, a lot of people still don’t have access to power. Besides, power cuts and shortages are the daily life problems faced by many people.
India’s power sector is one of the most diversified in the world. Sources of power generation include conventional sources like coal, lignite, natural gas, oil, hydro and nuclear power to non-conventional sources like wind, solar, domestic waste and agriculture.
The Energy Industry is currently undergoing a transformation. The Government aims to make India one of the world’s largest installations of clean energy. One step is to renovate the power supply infrastructure. Another one is to look into green energies like wind or solar power. This would also help to make India’s energy cleaner as the main source of energy still are fossil products.
The Indian government recognizes the need for private investment in the sector. Hence, a lot of initiatives have been made by the Government. Moreover, numerous incentives and schemes have been introduced to promote investment in the sector. Under the 5 year plan of 2017-2022, the government has set a target of capacity addition of 100 GW. The Government has also set the target to take the total capacity of renewable Energy to 175 GW by 2022.
The Budget 2019 reassures the Government’s focus on renewable energy by allocating about $396.5 million to renewables. All in all, there is a positive outlook for the Energy and Utilities sectors. India is set for a period of rapid and sustained growth in energy demand due to economic development.