Renewables to help meet 40% of India’s power needs by 2030: power minister
Despite India’s energy needs likely to double over the next 6-7 years going by the current rate of economic growth, the nation will meet two-fifths of its electricity needs with renewable sources by 2030, power and renewable energy minister R.K. Singh said.
Singh said that no business opportunity was as big as the one that renewable energy presents and that prices of equipment would further come down as production of solar cells and modules expand in line with the increased use of solar energy.
Singh was addressing a press conference on the second edition of a global renewable energy investors’ meet scheduled to be held from 7-9 December in the National Capital Region.
“This is a matter of worry for those who produce coal or oil. But, this (growing use of renewable energy) cannot be stopped as it makes economic sense,” said the minister.
The efficiency of solar panels has already reached 30% and prices will come down due to increase in usage, he said.