In India’s pursuit to become the world’s third largest economy by 2030, addressing climate change challenges and meeting the sustainable development goals (SDGs) is a key concern. In its endeavor to reduce the country’s overall carbon footprint, India has set an ambitious target to install 450 GW of renewable energy by 2030, which includes 280 GW of solar power.

Further, India is eyeing to become a $5 trillion economy by 2024-25 and for the steady economic growth of the country, a renewed focus on renewable energy is imperative. To bring in a green revolution in the country, industry players in the solar energy sector should invest more time and money on indigenous innovations and self-reliance and increase domestic production at a fast pace.

The recent power crisis across the country has further highlighted the need for a faster installation of a steady solar power source. The power shortage was primarily due to the disruptions in the supply of coal and there had been several analyses that suggested that with a robust solar infrastructure, India could have easily averted the crisis.

For the stead-fast installation of renewable energy sources like rooftop solar, India needs to take some immediate measures in the next five years like consistent regulations for net metering and banking facilities, restrictions on banking revoked at least until rooftop targets have been achieved, strict enforcement of the renewable purchase obligation (RPO) by states, and capital subsidy for battery energy storage systems (BESS).

Also, for India to create a sustainable infrastructure of solar energy there should be a circular solar economy through which the wastes from solar cells and modules can both be diverted and reused as valuable sources for new solar modules. There is an immediate need to make the clean energy sources like the photovoltaic (PV) modules fully sustainable, economical and environmental.

The renewable energy country attractive index ranked India third in 2021, when India added a record 10 GW of solar energy to its cumulative installed capacity – the highest installation in twelve months. Through this, India recorded nearly a 200 per cent year-on-year growth. The country has also surpassed 50 GW of installed solar capacity, as on 28 February 2022.

India’s ambition of rapid sustainable economic growth will require utility-scale renewable energy projects with innovative and facilitating regulatory approaches which will eventually boost pairing solar with renewable technologies and mass scale setting up of storage to offer seamless supply of green power. To attain the goal the country will also be required to attract foreign investment and collaborate with foreign renewable energy players.

In the rapid transition the private players have the potential to play a significant role in the core of the renewable energy sector and delivery models by building collaborative partnerships and ensuring inclusive growth by achieving sustainable goals. According to researchers, the private investment opportunities in India accounts for a staggering $700 billion in clean energy.

To reduce the fuel import bills and focus on indigenous growth, India will have to emerge as a renewable and storage powerhouse, being one of the leading countries to meet the sustainable development goals. For this, a circular solar economy is a must. The country’s focus on taking the sustainable path and reducing its carbon footprint by replacing fossil fuel based electricity generation with non-fossil sources will decrease the heavy import expenditures, and open opportunities for increased investments in renewable energy.

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