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The solar energy business has endless possibilities In India

The solar energy business has endless possibilities In India

Our country will be consuming more than 5 trillion of energy by the end of the year 2027. Due to the increase in the demand and consumption of power globally, the significance of sustainable and renewable energy has been highlighted like never before. Our government is passionate about solar energy and has been taking promising initiatives to promote it. A number of policies have been introduced in recent times to help the solar industry evolve. The government of India has planned to lower the capital cost of fabricating a solar power plant. It would now be very cost-effective for budding, visionary entrepreneurs to invest in the solar industry in India.

Solar power generation capacity of India

Owing to our tropical climate, our country gets lots of sun rays on a yearly basis. This makes our country the best place to tap solar energy. There are many Indian states like Rajasthan, Gujarat, Bihar, Punjab, Maharashtra, West Bengal, etc. that are suitable for this purpose. There are many rural areas that are heavily dependent on firewood and dung cakes to satisfy their energy needs. Providing solar panels and related solar products to these areas will not only decrease this dependency but also help in their development and reduce air pollution. India held 3rd rank in solar power generation capacity in the year 2021.

Initiatives that are taken by the Indian government to promote the solar energy industry

It doesn’t matter how revolutionary and innovative the idea is; if that idea does not receive enough support from the government through policies, initiatives, and funding then it can’t flourish. The same thing goes for solar energy which too needs the same kind of support.

The initiatives taken by the government for the development of this sector are:

  • Jawaharlal Nehru Solar Mission (JNNSM) was actually launched in the year 2010 and its main goal was to reduce the price of solar power generation. Its aim was also to install 20,000 MW of solar PVs. After going through revisions two times, now the target is 100 GW of solar PV by the year 2022
  • Starting of solar power projects in the Thar Desert of Rajasthan and Gujarat. Former estimates to generate 700 to 2,100 GW of solar power and latter estimates to generate 1,000 MW
  • Under the automatic route, 100% of Foreign Direct Investment has been permitted
  • Exemption from Inter State Transmission System (ISTS) for solar projects
  • Program to train people for maintenance and repairing solar products

Steps that were taken at an international level for solar energy.

Everyone must have heard about an alliance called International Solar Alliance (ISA). Prime Minister Narendra Modi presented the idea and both he & French President Francois Hollande launched it in 2015 at Wembley Stadium in London, UK. Currently, this alliance consists of 121 countries between the tropic of Cancer and Capricorn. Those nations that don’t come between these two tropics can still join the ISA but won’t be getting voting rights. The main aim of this alliance is to increase the usage of solar energy and decrease the use of fossil fuels. Recently it has taken the initiative called ‘One Sun One World One Grid’ (OSOWOG). The main aim of this initiative is to create a worldwide green energy grid. The main focus of this grid will be solar and wind energies.

Owing to our government’s profitable and encouraging initiatives, and good strategies and programs, solar power generation has risen manifold in recent years and that has encouraged proficient businessmen as well as startups to invest in this sector and reap huge benefits.

With the increasing population and less availability of fossil fuels and other non-renewable energy sources, solar energy would surely be the most sought-after business field.

With thorough market research and minimal investment, one can attain high returns and profit margins in this sector. Are you planning to start a solar energy business in India? Now is the right time to begin your entrepreneurial journey!

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