You are here: Home » Budget » Economic Survey » Top Stories
Business Standard

Green energy to create Rs 10 lakh crore business in 5 years: Economic Survey

The country's National Solar Mission is being scaled up five-fold to 1,00,000 MW by 2022

Press Trust of India  |  New Delhi 

India's renewable energy sector will generate business opportunities of a whopping Rs 10 lakh crore in the next five years, says the Economic Survey 2014-15.

India's total renewable power installed capacity as on December 31, 2014 has reached 33,800 MW, wind energy continues to dominate this share accounting for 66% of installed capacity followed by biomass, small hydro power and solar power..

Read our full coverage on Union Budget

The country's National Solar Mission is being scaled up five-fold to 1,00,000 MW by 2022.

"In the next five years proposals are likely to generate business opportunities of the order of $160 billion (approximately Rs 9,92,000 crore) in the renewable energy sector," the survey said adding, the sector offers very good opportunity for businesses to set and scale up industry, leapfrog technologies and create volumes.

Some of the country's major immediate plans on renewable energy include scaling up cumulative installed capacity to 1,70,000 MW and establishing a National University for Renewable Energy, it said.

During the year, the country is going to witness new agreements on climate change and sustainable development.

India launched its National Action Plan on Climate Change in 2008 and is currently revisiting National Missions in the light of new scientific information and technological advances.

Coal cess has been doubled to Rs 100 per tonne in 2014.

The total collection so far under the National Clean Energy Fund NCEF has crossed Rs 17,000 crores and till September, 2014, 46 clean energy projects worth Rs 16,511.43 crores have been recommended for funding out of this fund.

The Survey said, the global agreement on climate change expected by December, 2015 under the UNFCCC applicable to all countries must be ambitious, comprehensive, equitable and balanced taking into account the huge development needs of developing countries.

It should address the genuine requirements of developing countries like India by providing them equitable carbon and development space to achieve sustainable development and eradicate poverty.

The survey said that the challenges for India in addressing sustainable development goals are manifold.

With more than a billion population, India has to address the problems associated with increasing urbanization, tackle the problem of eradicating poverty, providing energy access to all and address other developmental priorities.

It added that these challenges provide great hidden opportunities.

"A conscious policy framework which takes into account both developmental needs and environmental considerations could help turn the challenges into opportunities," the Economic Survey suggested.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, February 27 2015. 14:07 IST