COVID-19 has impacted our lives in diverse ways, and has brought to the fore the importance of prioritizing domestic manufacturing with an over-dependence on imports.
The Indian manufacturing sector has the potential to become a $1 trillion industry by 2025, thus powering industrial and technological growth, creating jobs, claiming export markets, generating revenue and bringing in socio-economic growth.
Renewable energy too remains one of India’s grand ambitions. The nation has already deployed 87 GW RE projects whereas 64 GW additional capacity lies under varying stages of bidding or installation. These figures need to be viewed against the target of having 175 GW installed by 2022.
The pandemic cannot be said to have a silver lining, but it does represent an opportunity to rejig our plans and make India self-sufficient in the manufacture of solar cells and modules, batteries and ancillary equipment, which includes wind power. In this way, India will curb its import dependency and save tremendous foreign exchange.
Significantly, in an address to the nation on 12th May, the PM had issued a clarion call: ‘Vocal for local’. The PM emphasised the importance of a new self-reliant India – Atma Nirbhar Bharat. In light of this, it becomes even more essential to drive solar manufacturing facilties in India. It is time we implement a well-thought-out solar manufacturing roadmap providing a level-playing field for all domestic manufacturers, and this report analyses the sector’s status quo and looks to the future. Get your copy today.
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