Indian Wind Energy Sector Envisions Flow of Rs. 80,000 Crore in coming years
High on the pioneering clean energy initiative undertaken by Prime Minister Narendra Modi, which aims to make India the frontline nation globally in clean energy generation, the Indian wind energy has envisioned an investment flow of over Rs 80,000 crore (approx USD 10.50 billion) over the next few years in the Indian wind energy sector.
New Delhi [India], May 2 (ANI/NewsVoir): High on the pioneering clean energy initiative undertaken by Prime Minister Narendra Modi, which aims to make India the frontline nation globally in clean energy generation, the Indian wind energy has envisioned an investment flow of over Rs 80,000 crore (approx USD 10.50 billion) over the next few years in the Indian wind energy sector. The industry is hopeful of attracting Rs 10,000-15,000 crore investment in upgrading equipment manufacturing capacity alone which will have the catalysing effect of attracting additional Rs 70,000-80,000 crore investment in complimentary activities such as transmission, storage and services.
"The overall investment in this sector could be easily over Rs 80,000 crore in coming few years," said Tulsi Tanti, Chairman of Indian Wind Turbine Manufacturers Association (IWTMA), during the three-day mega clean energy event - Windergy 2022 - held at Pragati Maidan, New Delhi from April 27-29. Various wind energy companies operating here in India have invested close to Rs 25,000 crore in wind energy equipment manufacturing capacity but there are still many companies who are getting equipment from outside.
Tanti pointed out that as the country heads for a new clean energy regime, now it makes tremendous sense for such companies to set up manufacturing bases here. "Thus, we are confident that additional Rs 10,000-15,000 crore will be invested in equipment manufacturing in coming years." Tanti stated that an additional Rs 10,000 crore investment in equipment manufacturing will easily catalyse and attract close to Rs 70,000 crore investment in wind generation and related projects.
"So, overall, we are looking at over Rs 80,000 crore investment in the wind energy sector in coming years," said Tanti. Tanti said that India is now the hottest market for clean energy projects and was hopeful that more and more companies will head to India and invest in various clean energy projects ranging from equipment, generation, transmission and services.
"There is a fabulous market here and investors have a great opportunity to leverage talent and other things for exports too," added Tanti. The three-day mega event was organised by the Indian Wind Turbine Manufacturers Association (IWTMA) in association with PDA Trade fairs Pvt. Ltd. The primary objective of the event was to attract manufacturing companies into the country and showcase the opportunities for investment in India.
It may be pointed out that the Indian wind energy sector is one of the most evolved one globally. The sector has seen investment of over Rs. 25,000 crore in equipment manufacturing capacity alone. The Indian wind energy equipment sector has an annual manufacturing capacity of 15GW with 70-80 per cent localization level. Besides the presence of big corporations, the eco-system is supported by over 4000 MSME industries and is a job creator for educated rural youth. This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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