In three years, renewable sector will be worth Rs2 trillion in India: Rahul Munjal
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New Delhi: India’s renewable energy industry will be worth Rs2 trillion within the next three years and in five years India’s energy industry will be different from what we see today, said Rahul Munjal, chairman and managing director of Hero Future Energies Pvt. Ltd.
“Renewable has changed the way energy is produced and consumed in the last five years dramatically all over the world. So we need to get out of the mindset of 2010. If we don’t understand this, we will completely lose out. We are, in renewable, looking at an industry which will be of Rs200,000 crore in the next three years,” Munjal said at Mint’s Annual Energy Conclave 2016–Securing India’s Future on Wednesday.
Stating that costs have gone down by 162% since 2008 for solar and 75% incidentally for storage, Munjal said, “If you were to draw out what’s going to happen in the next five years from now, the energy industry would be very different from what we see today.”
“Renewable is still in its infancy and we have to grow manifold. Right now we have learnt to take our first step and I think this is the time we need to put down building blocks for the future. I am assured, India can produce the best scientists for R&D (research and development) in renewable. We can have the best ITI’s (Industrial Training Institutes) specialized in manpower for renewable,” he further said.