The need for electricity and energy going double within 6 -7 years. By the current rate of economic growth, India needs to get power from renewable energy. India will meet two-fifth of its power needs from renewable energy by 2030. The Ministry of Power R K Singh said that renewable energy business is really a big deal. The cost of equipment will become lower when the use of solar energy is increased.
He told these things in a press conference conducted for the second edition of global renewable energy investors meet. This meet is scheduled for 7-9 December in the National Capital Region. He also told that there is no worry for coal and oil industry. As far as renewable energy can grow we will not stop its adoption. This really makes economic sense. Now the efficiency of solar panels reached 30% and the price of solar panels are coming done due to increase in usage.
The secretary of Renewable Energy Anand Kumar said that around Rs 4 trillion funding was made by financial institutions in a similar investor meet in 2015 and in this Rs 1.37 trillion is already distributed. The Indian Renewable Energy Development Agency Ltd (IREDA) will raise $300 million through masala bonds to fund for these energy projects. To have a capacity of 175 Gigawatts of these used energy India requires around $100 billion and this mission will succeed in the year 2022.
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