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Indian Solar Industry

Blogs

Jan, 2021

Future of Indian Solar Industry

Simarpreet Singh, Director - Hartek Group

As the world experienced an economic slowdown due to the impact of coronavirus, India also saw a major lag in the economy.  In the Made in India and Independent India campaign, solar power sectors emerged as a gift for both, nature and technology.

As per recent studies, if in reality, we want to build the pillars of a strong economy of the country. Indian Solar Industry is going to play a super vital role. In the old version of the economic growth model of the country, it was stated that fossil fuels will play a major role. But after the pandemic impact, this economic growth model got renewed and it now states that our country should learn to be dependent on Renewable energy sources to boost the economy once again.

Many countries around the world are diverting their economic growth model towards renewable energy sources.  Countries like South Korea proved that the future of the world will rely on Green energy.  Now, India has also buckled up to focus on Green energy over and above Non-renewable energy sources.

India has set up a goal for achieving 175 GW renewable energy capacity by 2022. This includes 100 GW of solar energy and the rest from wind and other renewable sources of power capacity. However, there is no doubt that solar energy will contribute to the establishment of Atmanirbhar Bharat. 

Importance of the Indian Solar Industry:

  • Employment generation in the rural areas and urban areas
  • Overall Rural Development
  • Fuel Import and Export cost reduction
  • The minimalism of dependence of our country on the other oil generation countries
  • Clean and Pollution free environment
  • Enhancement of quality of life
  • Faster Installation of Solar Power Systems    

In terms of employment generation, the Indian Solar Industry can employ all levels of workers.

All categories of workers including Skilled, Semi-Skilled, and Un-skilled can get jobs in this industry.  Rooftop solar panel installations to the Solar Power System work management, Solar Industries cover all sectors of jobs which can boost employment rate in rural areas also.  As per previous records, the solar sector created jobs for up to 10 to 20 million people from 2018 to 2019.

Rooftop Solar panel installations also generate self-dependent industries. The entry of the private corporate sector in the rural areas of the country will definitely lead to an increase in income generation sources. People will be able to get job opportunities in and around their home locations easily and they would not need to relocate to the urban cities of the country. This will also help in enhancing the balance in living and quality of life.

We should be aware of the fact that our country is majorly dependent on other countries for our fuel needs. This engages a major part of the economy in the expenses of imports from other Oil refining countries.

In 2019, the Import bill of fuels in India was highest than ever and this bill is believed to be increasing with every passing year.  This is having a direct impact on the economy of our country which is further dampening our overall growth and development. The Indian Solar Industry should be taken seriously understanding the fact that advancement in this sector will not only secure our country's economic future but also the future of our planet.