INDIA : LAND OF OPPORTUNITY
India is the world’s fastest-growing economy, creating a wealth of opportunity both for Indian and international entrepreneurs and investors.
A Harvard University report predicts that India’s economy will continue to be one of the fastest growing economies in the world for the next decade, beating China and the U.S. India’s economy is predicted to grow by 7.3%.
India’s stupendous rise on the global stage is being driven by a slew of factors – strong institutional infrastructure, favorable demographic profile, skilled workforce, an emerging middle class, a dynamic entrepreneurial culture, rising productivity, a resilient private sector, rapid technological advancement.
India’s Energy sector is not untouched by the growth story, some stats to consider
- Global Biofuel Alliance (GBA) was recently launched by world leaders to expedite the global uptake of biofuels, under India’s G20 presidency. The alliance brings together major biofuel producers and consumers, such as the US, Brazil, and India. Nineteen countries and 12 international organizations have already agreed to join or support the GBA
- Cabinet approves Amendment in “Pradhan Mantri JI-VAN Yojana” for providing financial support to Advanced Biofuel Projects using lignocellulosic biomass and other renewable feedstock
- GAIL (India) will be initially setting up 10 CBG projects with an investment of about Rs 600 crore. It will enable the production of 35,000 tonne of biogas (CBG) and about 8,700 tonne of organic manure annually.
- Oil India is investing 25,000 crore to achieve net zero by 2040, in areas including 2G ethanol, green hydrogen, compressed biogas (CBG) and solar power. In 2G ethanol space, the company will invest about 8,000 crore & set up 25 CBG plants
- Reliance, now India's leading bio-energy producer, has ambitious plans to set up 100 CBG plants within the next five years, with a focus on utilizing 5.5 million tonnes of agro-residue and organic waste.
- The Union Minister for Power and New & Renewable Energy has informed that there are 47 Thermal Power Plants which have carried out co-firing of agro residue-based biomass pellets with coal. The Ministry of Power revised the biomass policy and mandates 5% biomass co-firing in Thermal Power Plants (TPPs) from FY 2024-25. This obligation shall increase to 7% from FY 2025-26.
- NTPC is taking various steps to make its energy portfolio greener by adding significant capacities of Renewable Energy(RE) Sources. By 2032, the company plans to have 60GW capacity through RE sources constituting nearly 45% of its overall power generation capacity.
