As major economies commit to ambitious climate targets, India has signaled its intention to emerge as a leading exporter of clean energy solutions.
Addressing top industry executives recently, Power Minister RK Singh called for accelerating efforts to ramp up domestic manufacturing capacities for solar modules, batteries, and other key components.
The government aims to invite global investors to set up renewable energy equipment manufacturing plants, utilizing India’s competitive advantages in terms of land availability and workforce.
Several states have already rolled out innovative sops to woo investors under the Centre’s Production Linked Incentive (PLI) scheme for battery storage and solar photovoltaic manufacturing.
If successful in scaling up manufacturing, experts say India can meet growing worldwide demand and displace dominant Chinese suppliers in the post-pandemic world order, which is focused on supply chain resilience.
India is the only country set to witness massive growth in renewable capacity additions over the next decade, according to various forecasts. Leveraging this, it hopes to position itself as a renewable export powerhouse.
However, challenges around land acquisition and infrastructure bottlenecks must be addressed proactively to realize this vision to make India a renewable equipment export hub.
