Power is what drives the country forward. It’s the most crucial component that is required for any country to thrive in terms of economy, productivity and growth. Such that the welfare of the nation lies with the power generation capacity of the country. The development and existence of several power generation companies in India are what help withhold the Indian economy and sustain the growth.
The power sector of India is quite diverse when compared to others. The sources of generation of power are from various fields of coal, natural gas, lignite, hydro and nuclear power to non-conventional sources of energy such as wind, solar, agricultural and domestic waste. The demand for electricity is rising considerably, and the power sector companies in India have to gear up to sustain the demand. Such that the existing grids have to be developed further to support the demand.
Market Scenario
The power sector is undergoing several changes that have certainly changed the outlook of the power industry. The power sector companies in India are on the constant brink to sustain the growth in the demand for electricity. The government’s focus is on “power for all” that has accelerated the growth in power generation. Additionally, increasing the fuel, logistics, manpower, and finances to support the demand.
Investment Scenario
India has received a considerable amount of investment from foreign investors. Such that from April 2000 to March 2019, the country has received an FDI of about $14.32 billion to support the power generation capacity of the country. Thus, several power generation companies in India have received quite a boost from the government to expand their power generation capabilities and provide sufficient power to the entire country at all times.
Government Initiatives
According to ETV Bharat News – The future of India in terms of energy generation looks quite strong and robust. There were several initiatives kick started by the government to ensure that it promotes industrial growth and has seen commendable growth for the same. Such that all of the initiatives are given below.
In September of 2018, a draft amendment to the electricity act 2003 stated that it would provide 24/7 electric supply to the entire country and set up smart meters and prepaid meters to regulate the power supply and converting old standards to newer ones.
The national policy on biofuels was approved such that the expected benefits associated with this policy include health benefit, employment generation, a cleaner environment, reduced imports on non-renewable means of energy, boost infrastructure investment, and additional income to the farmers.
In August 2018, the ministry of renewable energy set solar rates at 2.50 and 2.68 rupees per unit for domestic usage and the imported solar panels.
The government launched the program of Ujwal Discoms Assurance Yojana (UDAY) to encourage the people of India for operation and financial turnaround of state-owned DISCOMS and aim to reduce AT&C losses by 15%.
The future of power generation in the country
The future looks quite promising. Despite the increase in power demand in the country, the continuous infrastructure being added to support the demand is commendable. The government of India has released its roadmap to achieve a total production of 175 gigawatts in renewable energy by 2022. One hundred gigawatts from solar energy, 60 gigawatts from wind power. The union minister is also ready to launch roof solar panels on homes that could generate about 40 gigawatts along by 2022.
By 2040 the power generated through coal could reach up to 330-341 gigawatts compared to the present generation of 191.09 gigawatts. India could become the first country in the world to use LED for all lightening purposes. Thus, saving nearly $6.23 billion annually.
The government of India is also planning to set up a 24/7 “power for all” facility and make it affordable in the coming future as well. Hence, the future looks quite promising and could transform India into a productive powerhouse of the world.
