Active Stocks
Mon Mar 18 2024 15:55:53
  1. Tata Steel share price
  2. 149.60 5.69%
  1. Tata Motors share price
  2. 972.20 2.75%
  1. ITC share price
  2. 417.40 -0.51%
  1. State Bank Of India share price
  2. 730.70 -0.18%
  1. ICICI Bank share price
  2. 1,082.00 0.32%
Business News/ Politics / Policy/  Budget 2015: India to quadruple renewable capacity to 175 gigawatts by 2022
BackBack

Budget 2015: India to quadruple renewable capacity to 175 gigawatts by 2022

India will seek to add 100 gigawatts of photovoltaic capacity, 60 gigawatts of wind power, 10 gigawatts of biomass and 5 gigawatts of hydro projects

finance minister Arun Jaitley during the Union Budget 2015. Photo: AP (AP)Premium
finance minister Arun Jaitley during the Union Budget 2015. Photo: AP
(AP)

Chennai: India plans to quadruple its renewable power capacity to 175 gigawatts by 2022 as part of the government’s plan to supply electricity to every household, finance minister Arun Jaitley said on Saturday.

India will seek to add 100 gigawatts of photovoltaic capacity, 60 gigawatts of wind power, 10 gigawatts of biomass and 5 gigawatts of hydro projects, Jaitley said in his budget speech for the fiscal year beginning 1 April.

The goal is likely to be difficult to achieve because it will require a significant increase in installation and the government has signalled it would like to end tax breaks that have been used to spur the introduction of renewable power. In the past, when the government withdrew tax breaks, capacity installation fell.

“These targets look quite ambitious," said Ashish Sethia, of Bloomberg New Energy Finance in Singapore. At most 4,900 megawatts of renewables have been installed in a “good year," and to achieve the new target implies the addition of 20,000 megawatts of capacity per year, he said.

Gamesa India, Suzlon Energy Ltd and Welspun Renewables Energy Pvt. Ltd are among companies likely to benefit from the increased renewable targets in the second-most populous nation.

“We are confident that renewable energy in India will take off from here and witness exponential growth in the next few years," Suzlon chairman Tulsi Tanti said in an e-mailed statement.

Prime Minister Narendra Modi has set a goal of 24-hour power supply, clean drinking water and a toilet for each household by 2022 when the nation celebrates its 75th year of independence. He is keen to achieve the power supply target using renewables and has been asking state-run companies to invest in clean energy.

About one third of Indian households currently lack electricity. India’s current installed renewable capacity stands at 34 gigawatts. Bloomberg

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 28 Feb 2015, 05:35 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App