The solar photovoltaic (PV) industry in India has experienced significant growth in recent years due to the ever-increasing demand for energy and the need to reduce carbon emissions. The Indian government has set a target of reaching 100 GW of installed solar capacity by 2022. The solar industry has responded to numerous projects and investments.
One of the major drivers of the solar power industry in India is government support through government policies and financial incentives. To promote the development and deployment of solar energy, the government has provided tax breaks and low-interest loans to encourage the private sector to invest in the industry, apart from schemes like Kusum. Also provided 30% subsidy for non-commercial customers and up to 95% subsidy for farmers.
The growing demand for energy in India, especially in rural areas, has also played a significant role in the growth of the solar industry. The widespread adoption of solar energy has helped to increase the availability of electricity in remote areas and improve the quality of life of many people. Solar street lights and off grid systems have made many organizations independent and easily powered.
Furthermore, the decline in cost of solar technology has made it more accessible and economically viable for a wider range of consumers. This has created opportunities for many new businesses to enter the market and also created new options for existing companies to expand their operations.
Despite the growth and success of the solar PV industry in India, there are still some challenges that need to be addressed. One of the main challenges is the lack of a robust and efficient power transmission system, which prevents the generated power from reaching the consumers from the source. Additionally, more research and development is needed in this area to improve the technology and make it more cost-effective.
The solar industry in India has made great strides in recent times and its future is bright. DCR i.e. Domestic content required has been implemented in India mainly to promote the sales of products made on Indian lines. Many Indian companies are working enthusiastically in this. For solar panels there are companies like ————- and in inverters there are ——– companies. Apart from this, companies like TATA Power and Adani, RAvin Solar are taking over the entire project and financial support so the overall pace of work is increasing. Meanwhile, with continued government support, investment and innovation, the industry has the potential to meet the country’s energy demand and contribute to a sustainable future. Some adverse factors such as global supply and demand imbalance and consequent changes in raw material prices, import duties and modern technology are pushing the economic rate down somewhat.