Tulsi Tanti has expressed that he sees a strong growth in the renewable energy sector taking into consideration all the business indicators, the investors’ interest in this sector and the sector’s potential. He stated that he very clearly sees a great momentum in the years to come.
The wind energy sector in India actually witnessed a massive record installation of around 5.4K MW in the Financial Year 2017, establishing a 60 percent growth rate over the last year’s (Financial Year 2016) 3.4K MW. Including this addition, the total installation of wind power capacity went up from 27 GW to 32 GW.
Tulsi Tanti stated that there was actually a huge investor interest in this sector and the state government played a major role in attaining this fantastic result. The Centre also supported this great growth with the policy support via GBI (Generation-Based Incentives) as well as the AD (Accelerated Depreciation), thereby enabling this fantastic milestone of 5.4k MW. He added that he is quite confident that in the Financial Year 2018, the wind industry will be delivering around 6K MW of the new capacity.
Tulsi also commented on India’s energy vision. He stated that the Indian PM Narendra Modi’s goal of 60 GW from wind by the end of 2022 can definitely be achieved with the kind of momentum that this sector has currently gained, which is primarily driven by the maturity of manufacturing base, supply chain in the nation that is cost competitive and also the availability of highly reliable products that is lowering the cost of energy.
He further stated that the energy sector has actually grown quite rapidly in the past couple of years. In the Financial year 2012, the total investment was around $ 4 billion; it later went up to around $7 billion in the year 2016 and now in Financial Year 2017, it has touched $ 14 billion, which is great.
The Government of India’s major goal for the renewable energy sector is honestly very good. So far, the country has close to 30 GW of wind power farms. But the past couple of years were tough because of so many technical glitches and grid issues. There were so many changes. For instance, initially the incentive depreciation was taken off and later it was again re-introduced. However, when we compare the sort of growth that the industry had a few years ago, the kind of push given by the present government is extremely good. This is thereby making all the top level industry players to give it all to make this goal become a reality in some years from now.