Being 2nd largest populated country in the world, India has started making wise decisions by understanding the energy problems which may become critical in upcoming future. Newly appointed prime minister seems to be serious about energy crisis in country. In recent union budget 2014-15 presented on July 10, 2014 by Finance Minister Mr. Arun Jaitley proposed Rs. 1000 Crore for renewable sector.
In his statement, he exempted excise duty on components used to manufacture solar photovoltaic cells and also reduced customs duty by 5% on forged steel bearings which are used to manufacture wind turbines.
India has plenty of coal mines on their land. Most of the coal (near about 80%) is used to generate electric power by thermal power plants. To reserve these natural resources for future political diplomacy and to reduce dependence on fossil fuels in order to save environment from global warming, Modi government has boosted up renewable market with their attractive announcements in budget. Another aspect of this budget is that, government is looking for Indian youth to invest in renewable sector so that they can take market advantage to start their businesses. This is very big achievement of the government that we should note down.
God has gifted fair amount of sunshine (near about 290-310 days per year) in most of the land in India. Understanding the huge scope for solar power, Government of India has planned to set up ultra-mega solar power projects in Rajasthan, Gujarat, Tamil Nadu, and Ladakh. Government has assigned Rs. 1000 Crore which will be consumed as follows;
- Rs. 500 Crore for new and renewable energy
- Rs. 400 crore for solar power based agricultural pump sets
- Rs. 100 Crore for 1 MW solar parks on the banks of canals.
It will be interesting to see the last point. Canal Solar Power Project is totally new idea implemented by Prime Minister Narendra Modi on the banks of Narmada River in Gujarat state of India. We will write about it in special post soon. This investment is beginning of new culture which will enable every person on the earth to generate his own energy in his home and consume it there itself. This idea seems impractical but it will be realized soon. The only thing we need is to invest our money in right manner and in right direction.