India requires $300 billion investments to achieve 500GW goal by 2030: Study

New Delhi, Nov 7 (KNN) To attain the clean energy capacity target of 500GW by 2030 India needs to garner investments of more than USD 300 billion, said a new study by Arthur D. Little.

According to the study titled ‘Powering India’s Energy Vision 2030’, India is on the right trajectory to meet its goal of having 50% of energy needs through the renewable portfolio with 165GW generation capacity already in place.

It is necessary that private players and governments harmonise with each other in implementing a holistic transformation to boost India’s power sector growth, said the study.

Increased adoption of green energy—particularly green hydrogen with efficient storage solutions, leveraging technologies such as carbon capture, smart meters, smart grids with robust data management systems, and enabling efficient price discovery via power exchanges will shape the future of India’s power sector.

While targeting the entire value chain the study proposes a multifaceted approach involving financial support from the government, policy reforms, judicial reforms and technology integration at the Central, State, and Local levels.

“India is at the cusp of attaining self-sufficiency in electricity generation and establishing itself as a reliable energy exporter at the global level. Since the power sector is at the heart of India’s economic, political and technological growth, every small step towards improving it would propel the country’s leap towards the $10 trillion economy goal,” said Barnik Chitran Maitra, Managing Partner, Arthur D. Little, India & South Asia.

Over the next decade, electricity consumption of India is likely to increase at an annual rate of 5.4 per cent with annual demand touching 2300 BUs by 2030, said the study.

Highlighting the need for reforms in capacity addition it said at the current pace generation will just reach only 2024 BUs by 2030.  (KNN Bureau)