Energy resources in India have been under severe pressure due to substantial economic growth in the country, increase in urbanisation, growing prosperity and rise in the per capita income. The imbalance created in the demand and supply has necessitated the Government to plan and implement schemes for augmenting energy supplies. In the country, nearly 80 per cent of the oil is imported, which is an area of concern for the Government with regards to energy security in the near future. However, clean energy may help reducing this gap as well as become a major factor in meeting the energy needs of the people of India.
The growth of clean energy sector in India is immense, as indicated by a recent report by independent consultants E&Y (Ernst & Young Renewable Energy Country Attractiveness Indices, May 2011), which ranked India as the third best investment destination in Renewable energy sector, next only to China and the US. India also permits Foreign Direct Investment (FDI) up to 100 per cent in the sector under the automatic route in Renewable Energy Generation and Distribution projects subject to the provisions of the Electricity Act, 2003. In order to attract foreign investors, the Government has taken several initiatives such as introducing Generation-based incentive scheme for wind power to promote projects under Independent Power Producers (IPP) mode. Further, Jawaharlal Nehru National Solar Mission has been commissioned with 22,000 Mega Watt (MW) target for solar power by the year 2022. The Government has also launched Payment Security Mechanism for Grid Connected Solar Power Projects and Renewable Energy Certificate Mechanism and created Amendment in National Tariff Policy for enabling Solar specific Renewable Portfolio Obligation (RPO).
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