Indian wind energy sector witnessed a record installation of 5,400 MW in FY17, registering a 60% growth as against 3,400 MW in FY16. With this addition, the total installation of wind moved from 27 GW to 32 GW.
There was huge investor interest in the sector and a critical role was played by the state governments for this outstanding result. There was excellent support by the state govts to establish greenfield manufacturing units, presence of FIT framework, project management, evacuation and installations. The central government also ably supported this growth with policy support (GBI & Accelerated Depreciation), thus enabling this historical milestone of 5,400 MW.
We are very confident that in FY18 the wind industry will deliver 6,000 MW of new capacity.
Our Hon’ble Prime Minister’s target of 60 GW from wind by 2022 can be easily achieved based on momentum the sector has gained, driven primarily by the maturity of the manufacturing base, cost-competitive supply chain in India and availability of reliable products which is bringing down the cost of energy. Truly the wind energy sector is 100% “Make in India”.
Renewable energy sector has grown rapidly in the last two years. In FY15, the total investment was USD 4 bn. Subsequently, it was USD 7 bn in FY16 and USD 14 bn in FY17. The renewable sector is now growing by 100% on a YoY basis. The RE installations has grown from 36 GW in FY15 to 57 GW in FY17. This sector is witnessing unprecedented growth.
We appreciate the support given by Central and State Governments and the Administration. The opportunity given to the sector to increase scale enables us to bring down the cost of energy. The sector has generated more than one millionn jobs and I am sure the momentum will continue.
The sector plays a key role to ensure access of energy to the people who are still living in the dark. This sector has been a strong catalyst for rural agricultural sector economic growth. It is now evident that the renewable energy is now the main stream energy source.
We at Suzlon are fully committed for the renewable energy sector development for our country. The aim is to build sustainable green economy and to provide affordable energy for all , in pursuit of better life for our children.
Earlier this year, the International Monetary Fund (IMF) in its annual economic report predicted India’s GDP growth at 7.4% and China’s at 6.8% in FY 2019.
The scaling up of Renewable energy is imperative to the success and growth of the ‘Make in India’ initiative. With government’s thrust, the country is experiencing positive winds of change in the Energy sector particularly in Renewables.
The budget is clearly focused on reinventing a New India, with specific measures announced for strengthening the rural and agricultural economy in addition to infrastructure development.