Although India is the world’s third most powerful economy, the country is often afflicted by electricity black outs, which sometimes last for several hours. Despite a comprehensive energy mix that includes nuclear energy, natural gas, hydraulic energy and many sources of renewable energy, Gandhi’s land suffers from restricted coal supplies. Coal import rates are not sufficiently stable, so the Indian government wants to reduce the country’s excessive dependency on coal.
This is why, at the beginning of January 2015, Indian Prime Minister Narendra Modi has promoted a campaign aiming to raise $100 billion to support solar energy. Businesses in the USA, China, Germany and Japan have been invited to invest $100 billion by 2022 to boost Indian solar production up to 100,000 megawatts (MW).
India benefits from one of the highest solar radiation rates on earth
Today, solar energy represents less than 1% of the electricity produced in India. More than half of the population have no electricity in their homes. If India’s aim is to improve both the quality of life and the country’s industrial capacities without using fossil energy, it will need to develop renewable energy resources.
This involves multiplying today’s levels by 33. If this target is reached, more than 10% of Indian energy will come from solar sources. Such an ambitious project represents a major opportunity for living standards in India as well as for industrialists in the solar sector.
India has the more potential than any other country in terms of solar energy.
The country benefits from one of the highest solar radiation rates on earth – more than in the United States, Spain or China. Currently, Germany and Japan are the global industry leaders; however, India is expected to become a major stakeholder in the next few years.
The Indian Prime Minister wants to see the price of solar panels drop, and sufficient demand to be created. He plans to raise renewable energy purchasing in India from 3% to 8% by 2022.
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