Power is one of the most critical components of infrastructure crucial for the economic growth and welfare of nations. The existence and development of adequate infrastructure is essential for sustained growth of the Indian economy.
India’s power sector is one of the most diversified in the world. Sources of power generation range from conventional sources such as coal, lignite, natural gas, oil, hydro and nuclear power to viable non-conventional sources such as wind, solar, and agricultural and domestic waste. Electricity demand in the country has increased rapidly and is expected to rise further in the years to come. In order to meet the increasing demand for electricity in the country, massive addition to the installed generating capacity is required.
Following fall under the Power Sector:
- Li-ion Battery
- New Renewable Energy
With a target to have an installed capacity of 175GW in renewable energy by 2022, of which 100GW is expected to come from solar, India is poised to become one of the most vibrant markets for solar power in the coming years. At present, India holds the fifth position globally in terms of renewable energy installations. It has set an ambitious target of increasing its share of renewables in the overall installed capacity from 8% today to 40% by 2030, making it one of the largest markets for clean power.
Oil & Gas
The oil and gas sector is among the eight core industries in India and plays a major role in influencing decision making for all the other important sections of the economy.
India’s economic growth is closely related to energy demand; therefore the need for oil and gas is projected to grow more, thereby making the sector quite conducive for investment.
The Government of India has adopted several policies to fulfil the increasing demand. The government has allowed 100 per cent Foreign Direct Investment (FDI) in many segments of the sector, including natural gas, petroleum products, and refineries, among others. Today, it attracts both domestic and foreign investment, as attested by the presence of Reliance Industries Ltd (RIL) and Cairn India.
New Renewable Energy
The potential issues surrounding the use of fossil fuels, particularly in terms of climate change, were considered earlier than you may think. It was a Swedish scientist named Svante Arrhenius who was the first to state that the use of fossil fuel could contribute to global warming, way back in 1896.
The issue has become a hot-button topic over the course of the last few decades. Today, there is a general shift towards environmental awareness and the sources of our energy are coming under closer scrutiny.
This has led to the rise of a number of alternative energy sources. While the viability of each can be argued, they all contribute something positive when compared to fossil fuels.
Lower emissions, lower fuel prices and the reduction of pollution are all advantages that the use of alternative fuels can often provide.
The Best Examples of Alternative Energy Sources are Hydrogen Gas, Tidal Energy, Biomass Energy, Wind Energy, Geothermal Power, Natural Gas, Bio-fuels and Wave Energy.