Economic Survey outlines blueprint to boost renewal energy in India

While tabling the Economic Survey 2018-2019 report, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Thursday stated that the country is undertaking one of the world's largest renewable energy expansion programmes.

As per the Economic Survey, the share of the renewable, excluding hydro above 25 MW, in a total generation was around 10 per cent in the year 2018-19 compared to around 6 per cent in 2014-15.

"Now, globally, India stands fourth in wind power, fifth in solar power and fifth in overall renewable power installed capacity. The cumulative renewable power installed capacity (excluding hydro above 25 MW) has more than doubled from 35 GW on 31st March 2014 to 78 GW on 31st March, 2019. The target is to achieve an installed capacity of renewable-based power of 175 GW by the year 2022", the Survey read.

The Survey estimated that the additional investments in renewable plants up to the year 2022 (without transmission lines) would be about USD 80 billion at Thursday's prices and an investment of around USD 250 billion would be required for the period 2023-2030. Thus, on an annualized basis, investment opportunity for over USD 30 billion is expected to come up for the next decade and beyond.

While renewable energy capacity has been expanded manifold, fossil fuel based energy is likely to continue to be an important source of power, the Survey reads.

Apart from that, the Union Finance Minister also stated in the Lok Sabha the Central government will also ensure access to sustainable and clean energy sources and will take big steps in the form of Pradhan Mantri Ujjwala Yojana which aims to benefit as many as 7 crore households.

The Survey goes on to say that the task now is to ensure that households with LPG continue to use the clean fuel for cooking purposes through continued refilling, said the Economic Survey.

It also stated that India has achieved almost 100 per cent household electrification of 21.44 crore households. While renewable energy capacity has been expanded manifold, fossil fuel based energy is likely to continue.

It also said that it is heartening to see wide acceptance of LPG as the cooking fuel in Urban areas. It says that while the share of LPG as a cooking fuel has increased over the years, the share of households reporting it to be as the primary source of energy for cooking has been low compared with the Urban areas. Access to clean cooking fuel has increased considerably in recent years.