Indian government has opened up India’s solar mission to foreign companies

The strategy of Indian government to invite foreign players to build solar power in India is likely to improve domestic production and promote the use of solar energy in the country

India: Government of India has opened up India’s 100GW solar mission to foreign companies, which is expected to cut costs, bring cutting-edge technology and to enhance domestic production in the solar industry. Government’s major thrust on renewables has also resulted in the formation of International Solar Alliance in 2016, which has paved a way for the entry of private players into the solar industry. India has set a target to add around 5.5 GW of solar capacity in 2016, making the country the fourth-largest solar market, globally.

TechSci Research depicts that Government of India is focusing on expanding the renewable based power generation in the country owing to increasing global warming and environmental concerns. The share of renewable power in India’s total installed power generation capacity is estimated to be 13% in 2016, and this share is anticipated to reach 40% by the end of 2030. All these factors point towards robust growth of solar rooftop market in India over the next five years.

According to a released report of TechSci Research “India Solar Rooftop Market By State, By Connectivity, By End User, Competition Forecast & Opportunities, 2011 – 2021”, the solar rooftop market in India to grow at a CAGR of over 60% during 2016 - 2021. Backed by favorable government measures and abundant solar resources, the solar rooftop market in India is expected to grow at a robust pace over the next five years. With the country’s per capita electricity consumption standing at around 746 Kilowatt hour, which is below the global average, demand for electricity in India is expected to increase over the next five years on account of continuing economic growth.