Although, renewable energy growth (especially solar) has been incredible in India, the country is still the third-largest oil consumer in the world (4.14/million barrels per day, 4% share of the world total). It is understandable that Indian solar industry still hasn’t grown large enough to phase out conventional energy usage and satisfy country’s growing energy demand (Installed solar capacity ~16.6 GW out of total energy generation capacity 330 GW). Therefore, the country needs a balance between conventional and renewable energy to sustain present energy requirements at hand. And continuous fall in crude oil prices from FY 12-13 to FY 15-16 allowed the country to import crude oil at a profitable margin.
However, the current rise in crude oil prices (from $39.9 in April 2016 to $52.7 in December 2016) and predictions of continuity in price hike highlights addition of forex outflow and reiterates the importance of solar energy growth.
Office of the Directorate General of Anti-Dumping (DGAD) presiding over the hearing of anti-dumping petition on 12th of December, can be considered another step in favor of domestic manufacturers towards demand creation within domestic industry. Domestic manufacturers have had a long history (nearly 5 years) of conflict against imported modules and cells.
While India kept practically doubling its solar capacity in recent years (from 5 GW in 2015- to ~16.6 GW in 2017), domestic solar manufacturers saw lack in demand creation. The industry being focused on importing solar modules, created an issue of capacity utilization of domestic manufacturers. In such a scenario, re-visiting the recent Anti-dumping issue in the solar industry can bring the results India desperately needs to become solar reliant.
The news of The Director General (Safeguards) recommending to impose 70% safeguard duty on imported solar panels and cells has created a commotion within Indian solar industry. Domestic manufacturers have had a long history (nearly 5 years) of conflict against imported solar components, as foreign (Chinese) suppliers continued dumping solar components in India at a much lower rate than existing market price. Asking for protection of domestic industry growth was a valid appeal by the domestic manufacturers. However, recent announcement of safeguard duty imposition is not what the domestic industry hoped for.
As an entrepreneur, when you are trying to create your business from scratch, and have found something excessively simple yet unseen to the world, it is your sacred responsibility to yourself and the world to make your everyday productive. It is how you can help your fragile and precious business dream to grow, spread, and find the form that will change the world in a certain manner.
While on such a noble pursuit, an entrepreneur must make certain changes to his/her daily actions, to maintain focus on the goal, side-lining distractions.
Recently released The World Bank’s survey report on ‘Doing business 2018’ has portrayed India in a brighter hue, positioning the country 32 places up on Global Competitiveness Index. Although, that puts India in the 100th position, it clearly endorses the economic reformation within the country and eagerness to become a knowledge based, technology driven economy.
The initiatives that have helped India scale these heights can be traced back to 2014, when Government of India under the leadership of Hon’ble Prime Minister Mr. Narendra Modi launched economic policies, focusing on ‘reform, perform, transform’. Statistics showing total 67% increase in FDI inflow into India in the last 3 years and around $9.64 billion FDI inflow in August 2017 alone 1 testify the success of the growth plan that Government of India supported. Making India more suitable to establish and enhance businesses has huge implications on the socio-economic growth of the country.