Budget 2016 – India’s Report Card for Renewable Energy
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Indian Prime Minister Narendra Modi has vouched for 175 Gigawatts of renewable energy by 2022. He has also promised 12 GW of Power by the end of 2016 - three times the current capacity! In case you forgot, this was at the India Pavilion at the Awesome as it might sound, that’s a tall claim. Even by Narendra Modi’s standards. India’s renewable energy capacity addition between 2002 and 2014 has been around 20% YoY. However, the total capacity remains only a fraction of the target.
The big question now is, can India reach the ambitious target it has fixed for itself ahead of Budget 2016?
Let’s have a look at what the government has done in the sector so far!
· The US has allowed a grant of $4 billion to push India’s Renewable energy goals.
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· India has signed a MoU with Germany to promote
Most analysts don’t see a huge leap in terms of budget allocation for the renewable energy sector. The government’s investments, however, could be in the form of subsidies and tax-free bonds. It’s been doing that with rooftop solar panels for a while.
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