Some Reassurance for Industry In Prime Minister’s I-Day Speech

Highlights :

  • The prime minister advocated for energy independence in his address to the country on the occasion of India’s 76th Independence Day, stating that India must become self-sufficient in satisfying its energy needs.

In his Independence Day speech on August 15, the Prime Minister’s advocacy for energy independence (Energy Self Sufficient Nation) must have been reassuring for industry in India. The stress on energy independence was noticeable as the Prime Minister launched into an exhortation to think big for the country. The announcement, coming at a time of a noticeable slowdown being felt in fresh tenders and allotments since July this year, will hopefully be followed by steps to revive activity that is needed to meet the ambitious targets the country has set.

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In other energy linked announcements, the Prime Minister also stated that the government is pushing for the production of ethanol from sugarcane and other agricultural commodities to lessen reliance on imports. He also noted that India exceeded its target of blending 10% ethanol into gasoline ahead of schedule. He emphasized the government’s accomplishment of connecting 25 million people to energy in a short period.

The goal of supplying gasoline with 10% ethanol (10% ethanol, 90% petrol) was met in June 2022, significantly ahead of the initial target date of November 2022. As a result, the government set a 20 percent ethanol target for gasoline by 2025. As a result of higher ethanol mixing, India, the world’s third-largest oil importer, and user, is expected to use more renewable energy. India is also the world’s fifth largest producer of ethanol, trailing only the United States, Brazil, the European Union, and China.

India’s Intended Nationally Determined Contributions (INDCs) aim to attain around 40% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030, as well as to reduce the emission intensity of its GDP by 33 to 35% from 2005 levels.

The Government of India has launched various schemes to encourage the generation of solar power in the country, such as the Solar Park Scheme, VGF Schemes, CPSU Scheme, Defense Scheme, Canal Bank & Canal Top Scheme, Bundling Scheme, Grid Connected Solar Rooftop Scheme, and so on, to meet the above target.

India intends to more than triple its renewable energy (Energy Self Sufficient Nation) capacity to 500GW by 2030, up from 157GW in March 2022. The objective includes generating 50% of electricity from non-fossil fuel sources. The competitiveness of wind and solar generating over coal-fired power generation will be a key enabler, thanks to technology advancements, supporting government policies, and private sector participation.

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