India to Add Renewable Energy Capacity Worth 60 GW in 5 Years: BTI Report

India is projected to add only 60GW of renewable energy capacity in the next 5 years, as per Bridge To India's India Renewable Energy CEO survey report 2020.

"This is very low, at 12GW per annum. The government wants to accomplish 175GW by 2022 and 450GW by 2030," said Vinay Rustagi, Managing Director of the renewable energy consultancy firm.

India's utility scale solar capacity was 32.2GW and wind capacity was 37.6GW as on 31 March 2020.

It said 58 per cent of the respondents are against the idea of imposing import duty on cell and module imports. The Union Minister for Power and Renewable Energy R.K. Singh told the power sector last week that a basic customs duty on solar modules, cells and inverters will be effective starting August 1.

The survey witnessed that 50 per cent of the respondents believe the auctions market is quite aggressive.

"A large majority of respondents report a challenging policy environment. Uncertain policy environment was voted as one of the biggest challenges in the sector in 2019, indicating little improvement on this front," it said.