Last year at the COP26, the Indian Prime Minister said that India will achieve its target of 500 gigawatts of renewable energy by the year 2030. India is set to miss the renewable energy target that it had set for itself in 2015, which was 170 gigawatts by 2022 and the country could fall short by about 36%.
The primary reason seems to be the halting of projects and supply chain due to the pandemic for the last two years but that is not the only reason. Companies involved in the business say the government entities that hold most of the domestic energy market are suffering losses and piling up debts, which is an inhibiting factor in decarbonization.
Expenses are also a big concern for both the energy manufacturers and the consumers. The manufacturers are troubled because of repeated policy level changes with taxes and import duties and the consumers are unwilling to pay high tariffs for power from green sources of energy. India has imposed import duty on the import of renewable energy equipment and the GST was hiked from 5% to 12% last year. Also some companies are pulling out of the country because from April this year, India will impose 40% customs duty on renewable energy equipment.
India currently has 152 gigawatt output from renewable energy sources.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
