Ratul Puri, Chairman, Hindustan Power Group Advocates for More Investment and Tax Reforms to Boost Renewable Energy Growth
The power sector is driven by four key elements: finance, infrastructure, human capital, and public policy. Our nation aims to install 500 GW of renewable energy capacity by the end of this decade, with solar energy constituting the majority. To achieve this, we must add 40-50 GW of renewable capacity annually, for which significant financial support from the government is required.
Upgrading our grids and supporting infrastructure is crucial, along with the deployment of emerging technologies like artificial intelligence to enhance the efficiency, reliability, and sustainability of power generation and distribution. Additionally, we need skilled human capital proficient in the latest renewable energy technologies, alongside increased investments in R&D. All of these require policy measures that can significantly boost our industry’s growth and sustainability.
To ensure our projects are competitive and economically viable, the GST on components should be reduced to 5%, encouraging broader adoption of renewable energy sources nationwide. Reducing import duties on solar panels and components will make solar energy more affordable and accessible. Local manufacturers should receive incentives, subsidies, improved access to working capital, and viability gap funding to reduce dependence on imports.