IMPORTANCE OF INVESTMENT IN RENEWABLE ENERGY
Renewable energy is from such sources that replenish by themselves over some time without depleting the earth’s resources. The main sources of renewable energy in India is Solar, Wind, Bio, and Hydro Power. And with the advancement of technology energy production has been reaching new strides. Energy generation is the leading cause of air pollution. And most of the energy comes from coal, nuclear energy. As we know that renewable energy eliminates any sort of air pollution and such energy is the need of the hour. India’s 35.86% of electricity is generated from Renewable Sources of energy. And Indian is one of the leading pioneers in its Renewable Energy. And solar power produces 35GW of electricity as of April 2020. And India is home to 42 solar parks and out of which Rajasthan is the largest producer of solar energy in India. And according to the UN’s Paris Convention India has a goal to rely on 40% of electricity generation from non-fossil fuel sources.
Investment in Renewable energy has one of the highest potentials. The growth of Solar energy production in India is 21,407%. And this sector is not seeing any signs of slow down. In the current day, there are 256 opportunities in energy generation which are worth USD 155.07 billion. India is aiming to be self-reliant in every aspect of the economy and India is witnessing a lot of success in this sector. And the growth of this is possible with more investments which are ensuring a good rate of return for the investments. This will further increase income which is more essential for the country’s GDP and per capita income. India will not only be benefitted from the economy but also to have a lot of scope for innovation of Science and Technology. And all these developments are necessary to kick start a self-reliant economy.
Hence, renewable energy is not only eco friendly but also from an economic perspective because the growth of renewable energy helps in reducing the costs and they are more of a one-time investment.
