Lok Sabha Elections: NDA Set for Historic Mandate, Indian RE Sector Expects Policy Reforms

PM-Modi led NDA Government is set for a historic mandate and its very well on its course to usher into its 2nd term. The results have been phenomenal from all the corners of the country, giving an absolute stunner to many big-wigs who were betting big during this Lok Sabha Elections.

The impact of Modi 2.0 is much evident on different sector in the country, thanks to his policies that has been in implementation from last past five years of his tenure. Mr. Modi is set for its second term as Prime Minister of India, many sector and key players are expecting a sectorial overhaul including reforms and implementation of business-driven policies as such. The Indian Renewable Energy Sector also joins the list of buoyant industry participants who wish to see transformation of the emerging renewables sector in the country. This does calls for a new challenge for the incoming government, particularly the one who will be conferred with Power Ministry portfolio within the cabinet.

The challenges that the government faces now are more essential. The present industry structure is growing obsolescent and progressively ill equipped to cater to the new demands. The power minister will have to work with the state governments to build consensus for a new reform agenda and a new industry structure.

The growth in flexible renewable energy, from large-scale renewable parks to rooftop installations, and the resultant challenge of inter-day swings in production, has made flexible generation more valuable than a long-term contract. However, the country lacks policy or the process to contract such capacity. The profile of consumption is altering too with greater urbanization, use of electric appliances, conservation measures and new applications such as on-site storage and electric vehicles.

Mr Tulsi Tanti, Founder, Chairman and Managing Director, Suzlon Group said, “Congratulations to Prime Minister Narendra Modi on winning a second term. The entire country has reposed its faith in the governance and strong leadership of Mr Modi. We look forward to NAMO 2.0 government deliver on its promises by spearheading the growth of agriculture sector, social sector and industry with dynamic policy changes which will fuel overall economic growth, energy security, Nation building and job creation. We are confident that the Modi government will ensure ease of living, ease of doing business, and make India clean, green and safe country.” - 

Mr. Sunil Rathi, Director, Waaree Energies Ltd said, "We look forward to the newly elected Government's solar implementation policies and are confident that renewable energy will be a key dimension in their vision as projected in the Interim Budget. While we have seen some movement in the last year, with the implementation of Safeguard Duty, de-linked manufacturing tender and KUSUM scheme being introduced, we expect the Government to continue their support with primary focus on domestic manufacturers. As the Safeguard Duty, which brought about interim relief in the industry, is expected to expire within the year, we believe that the much anticipated Anti-Dumping Duty on solar modules is need of the hour. The KUSUM scheme has already seen tremendous success with the installations of over 30 million agricultural pumps and over 20 million grid connected water pumps.”

Taking cue from the recent developments, we believe that the primary focus would be on reducing the import of solar equipment from foreign countries such as Thailand, China and Vietnam, thus strengthening Rupee denomination and contributing to the nation's GDP. Moreover, key focus on the adoption of solar solutions by the transport sector, specifically Electric Vehicles, is expected to yield results. With technological evolution leading the sustainable efforts of the country, we are confident that when implemented, the Govt. will help attain energy security and generate employment.”

“Keeping the solar vision in mind, Waaree has multiple projects in the pipeline in the EV and EPC floating solar space, that is expected to achieve economies of scale, with adequate Govt. policy support. With substantial supporting domestic trade and services, and with the focus on Public Sector Undertakings sourcing from local entities, we foresee an impetus towards growth for domestic manufacturers in the sector" he further added.

Business | News published on 23/05/2019 by Moulin

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