Fossil fuel reserves are limited and are very close to depletion. The continuously shrinking reserves have given rise to energy cost, which stand to deprive more people (already 1 bn people live without electricity) of energy and spewed toxic fumes that have led to environmental degradation. Facing such a scenario, the world is on its way to adopt sustainable energy that can offer release from economic and environmental binds forged by fossil fuel usage. Solar continues to win the favour of the world as the best replacement of fossil fuels. However, what it can bring is more than sustainable energy for all; it can offer a chance to build a better economy and social structure within a country, which developing countries desperately need.
Indian solar sector showed incredible progress in recent years by becoming a 30,000 crore industry. But, in Q1 2018 corporate funding within the solar industry fell by 65%. Fortunately, the numbers have significantly increased by 15% as 2018 comes to a close. Nearly $5.3 billion was raised by the first half of 2018 in comparison to 2017. As a nascent industry, the Indian solar sector needs support and funding to grow. And, factoring in the growth of funding scene, this can be construed as a positive development for solar in India. However, to predict the outcome, we need to inspect the present scenario in depth.
With climate control initiatives becoming a necessity and greatly accepted by the countries, the world is feeling the urge to boost its efforts in renewable energy growth. Important initiatives that pave the way for clean energy growth are being highlighted and taken into consideration to maximize results. Innovative financial mechanism is one such element that can transform positive green energy building strategies into reality.
India reaching ~20 GW in solar capacity in 2018 from less than 3 GW in 2014 highlights a trend that has received ample support from Government of India and private players both. Precise and well-timed decisions to build a policy environment, increasing finance choices, and encouragement to entrepreneurs have helped this happen. However, recent investigation on imported textured, tempered glass (used to manufacture solar modules) imported from Malaysia by India’s Directorate General of Anti-Dumping and Allied Duties (DGAD) does not appear as an act favourable towards Indian solar growth.
For a country to grow, it must substantiate growth and engagement for its common man, as the productivity of common man ascertains the ascent of a country, socially and economically. And countries have made incredible strides in search of the perfect social mechanism (jobs) that can engage majority of the population and forward the society (and the country) towards economic stability.
Computing and communications technologies claiming the lime light in last two decades, had created an enormous employment opportunity across the world. With the rest of the world, the growth of IT sector in India played an integral part in creating jobs for people, enriching lives.
However, the recent IT job slump in India has introduced the critical question on unemployment issue. And while India is searching for a quick and sustainable infrastructure to re-employ and engage its people, the solution stands at hands reach.