India’s clean energy technology capacity is expected to witness substantial growth by 2030, although the country may fall short of its green energy target due to hurdles such as limited technological innovation and a shortage of skilled labour.
The government has set a goal to achieve fifty percent of its total electric power installed capacity from non-fossil fuel-based energy sources by 2030. S&P Global Commodity Insights noted that with the government’s supportive policies, India’s clean energy technology capacity is projected to experience a sharp rise, with aspirations for complete self-sufficiency in solar PV and wind energy by 2030.
To bolster local manufacturing, the government has implemented several policy measures, including tariffs on imports such as basic customs duties (BCD) and the goods and services tax (GST), along with the creation of approved manufacturer and model lists, such as the Approved List of Models and Manufacturers (ALMM) and the Revised List of Models & Manufacturers (RLMM).
As reported by business-standard.com, additionally, direct incentives like the Production-Linked Incentive (PLI) scheme have been introduced to further encourage domestic production and innovation within the sector.
