INDUSTRY SCENARIO - INDIA
- A transition to clean energy is a huge economic opportunity and India is reaching the top five countries of the world in terms of alternate and renewable energy sources.
- The primary objective for exploring alternate energy in India is to advance economic development, improve energy security, improve access to energy, and mitigate climate change.
- India has achieved the target of 40% of its installed electricity capacity from non-fossil energy sources in November 2021. The country’s installed Renewable Energy (RE) capacity in November 2021 stands at 150.05
GW while its nuclear energy based installed electricity capacity stands at 6.78 GW.
- Government of India had set a target of 1,75,000 MW installed capacity from renewable sources by the year 2022 which includes 1,00,000 MW from Solar, 60,000 MW from Wind, 10,000 MW from Biomass and 5000 MW from Small Hydro.
- The electric vehicle industry in India is picking pace with 100% FDI possible, new manufacturing hubs, and increased push to improving charging infrastructure.
- India launched the Mission Innovation CleanTech Exchange, a global initiative that will help accelerate clean energy innovation.