India is expected to add about 80 gigawatts (GW) of renewable energy capacity in the next five years, according to a survey.
About 47 GW will be from utility scale solar, 21 GW from wind, 8 from rooftop solar and 3 GW from floating solar projects, the survey by consultancy Bridge To India, in which 41 companies from different countries participated, said.
About 73 per cent of the respondents are optimistic about the growth prospects of the Indian renewable industry, it said.
Around 78 per cent the respondents feel that the government has propelled industry growth by increasing the renewable target to 175 GW.
The government aims to achieve the renewable energy target of 175 GW by 2022 of which 100 GW would be solar energy and 60 GW through wind energy.
However, majority of respondents see "offtake risk, land acquisition and uncertain policy environment as the biggest concerns in the sector," the survey further said.
About 90 per cent of the participants feel that the bidding environment in the sector is aggressive, but the ratio of "irrationally aggressive" responses is down from 70 per cent to 49 per cent, the survey pointed out.
The industry is also pessimistic about manufacturing prospects in India, the survey said, adding that this is "understandable as all the government initiatives to promote domestic manufacturing manufacturing linked tenders, CPSU scheme, KUSUM and safeguard duty have failed to produce any positive results".
Vinay Rustagi, Managing Director, Bridge to India, said, "Overall, the survey paints an optimistic picture for renewable energy sector growth. If effective measures for DISCOM reform and network connectivity are put in place, we can expect much higher capacity additions in coming years. We also believe that the sector enjoys broad cross political support and there is unlikely to be retreat irrespective of who forms the government."
Bridge To India is a consulting and knowledge services provider in the Indian clean energy market.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)