Until the union budget session of 2023, the wind energy sector has been a low-key business venture. With several policies for planned growth and expansion over the years, this sector has become a focal point for investors.
The union budget allocations for the renewable energy sector have brought wind power resources under the limelight.
The Genesis
It all started in 1986 when large tracts of coastal Maharashtra, Gujarat, and the western shoreline of India installed 55KW Vestas wind turbines.
- The Ministry of New and Renewable Energy consistently maintained progress through the years.
- Post-2016, there was a noticeable development in the wind sector with enhanced turbine installations along the western and southern coastal regions. Installations in the north and northwestern frontiers have also come up.
- Presently India occupies the 4th position globally for its installed wind power generation capacity.
- Of all the renewable energy resources, the wind sector has a 25% share of the power capacity of installed resources.
Over the years, policies and schemes have encouraged various companies to invest in this sector. Companies like large corporate houses to middle and small companies have converged to be a part of the wind power generation business.
Policies For Growth
To generate success in any sector, the support of policy-making and schemes for aiding growth is vital. It has been available in recent years where budget allocations and policies have encouraged private investments in this sector.
Companies have felt assured of the safety of their investments through schemes brought in by the government.
- Financial assistance to set up new and technologically improved wind farms in India is a significant step.
- Production-linked incentives for non-solar investments like the wind energy sector is essential assistance.
- The waiver of the interstate transmission charges has brought a noticeable difference to the wind sector power generation.
- Transparency and honesty in the trading system leave no room for conflicts and scams.
- Auctioning for the 24/7 power generation advantage of the wind sector has been recognized and endorsed.
- The Ministry of New and Renewable Energy Various has recommended schemes to improve and restore old installations of renewable energy plants.
- Similar revamping and upgradation of facilities and resources are also done for the largest thermal power plant in India to encourage emission-free power generation.
2023 Projections
The Global Wind Energy Council’s 2022 Global Wind Report stated that the Indian wind market will grow to 4.1 GW of onshore installations by 2023.
- The Report observed that despite the deterring effects of the pandemic, the third quarter of 2021 saw a significant turnaround.
- The report recommends the need to utilize vast unused onshore and offshore resources. It will considerably propel the power generation capacity to meet set targets.
- It will considerably help India achieve its set target of 140GW by 2030.
- The conditions of installed wind turbines should be inspected and improved periodically to ensure greater capacity production.
Government policies and schemes have encouraged many renewable energy companies to invest in this sector.
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