“Make in India” Powers India’s Renewable Energy Revolution

As India marks the 10th anniversary of the “Make in India” initiative, its transformative impact on the country’s renewable energy sector is undeniable. The government’s concerted efforts have spurred significant investments, fostered innovation, and built world-class infrastructure, positioning India as a global hub for renewable energy manufacturing.

Key Achievements

• Domestic Manufacturing Surge: The initiative has catalysed a surge in domestic manufacturing of renewable energy equipment, including solar PV modules, cells, wind turbines, electrolysers, and battery storage systems.
• Global Competitiveness: India has emerged as a key player in the global renewable energy market, with its domestic manufacturers meeting both domestic demand and exporting to international markets.
• Policy Support: The government has implemented a comprehensive suite of financial, fiscal, and policy measures to incentivise domestic manufacturing, such as the Production Linked Incentive (PLI) scheme, Viability Gap Funding (VGF), and concessional customs duties.
• Solar PV Dominance: India’s solar PV manufacturing capacity has witnessed remarkable growth, expanding from 2.3 GW in 2014 to approximately 67 GW today.
• Future Outlook: The government’s continued commitment to “Make in India” and its ambitious solar PV manufacturing targets position India to become a global leader in the renewable energy sector.

Specific Policy Interventions

• PLI Scheme: The PLI scheme has been instrumental in attracting investments and boosting domestic manufacturing capabilities.
• Domestic Content Requirement (DCR): The DCR has ensured that government subsidies are linked to local value addition.
• Quality Control Orders: These orders have helped maintain high standards in the manufacturing of renewable energy equipment.

Conclusion

The “Make in India” initiative has played a pivotal role in driving India’s renewable energy revolution. By fostering a robust domestic manufacturing ecosystem, the initiative has not only ensured energy security but also contributed to India’s economic growth and global competitiveness. As the country continues to embrace renewable energy, the “Make in India” legacy will undoubtedly shape India’s future as a sustainable and energy-efficient nation.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.