India has been making significant strides toward renewable energy in recent years, with a focus on solar energy. The country has set ambitious targets to increase its solar energy capacity and has been taking various steps to achieve them. In line with this, India is expected to become the world’s second-largest solar manufacturer by 2026.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
According to a report by the India Brand Equity Foundation (IBEF), India is poised to become the second-largest solar manufacturing country in the world by 2026, overtaking Japan and trailing only China. The report states that India’s solar manufacturing capacity is expected to increase from 10 GW in 2020 to 50 GW by 2030. This increase in capacity is expected to create around 3 lakh (300,000) direct jobs and 9 lakh (900,000) indirect jobs.
India’s solar manufacturing industry has received a boost due to the government’s focus on renewable energy and initiatives like the National Solar Mission. The government has also introduced various policies and schemes to promote domestic solar manufacturing, such as the Production-Linked Incentive (PLI) scheme. Under this scheme, the government has earmarked a budget of Rs 4,500 crore ($600 million) for the solar PV segment, which is expected to create manufacturing capacity of 10 GW.
Several Indian companies have also been investing in solar manufacturing. Adani Solar, for example, has set up a 1.2 GW solar cell and module manufacturing facility in Gujarat. Tata Power Solar has a manufacturing unit with a capacity of 1.1 GW in Bangalore, while Waaree Energies has a capacity of 2 GW spread across three facilities in Maharashtra and Gujarat. These companies, along with others, are expected to increase their capacity in the coming years.
India’s solar manufacturing industry has also received a boost due to the global demand for renewable energy. As countries around the world are looking to shift towards clean energy, the demand for solar panels and other solar equipment is expected to increase. This presents an opportunity for Indian manufacturers to tap into the global market.
In conclusion, India’s solar manufacturing industry is expected to grow significantly in the coming years, with the country poised to become the world’s second-largest solar manufacturer by 2026. The government’s focus on renewable energy, initiatives like the PLI scheme, and the global demand for solar equipment are expected to drive this growth. The growth of the industry is also expected to create jobs and contribute to the country’s economic development.
You may also read this:
A new variant of SARS-CoV-2, named PJ.2.1, was first identified in Ontario, Canada in May…
Belonging: A Journey of Love, a memoir written by Congress leader Sonia Gandhi, will be…
The United States will become the first nation to fully opt out of participating in…
A group of US lawmakers, led by Rep Grace Meng, have re-introduced the Diwali Day…
Pandit Manilal Nag, a celebrated sitar maestro and one of the foremost exponents of the…
The 31st Conference of the Parties (COP31) to the United Nations Framework Convention on Climate…