With passing time, people are becoming more responsible and fulfilling towards the environment. Many companies are taking initiatives towards working entirely for nature's betterment. This brings us to a major contributor in the formulating environment-friendly methods and plans, which is a Cleantech industry.
The cleantech industry works for the benefit of the environment and improves active performance, productivity, and efficiency. This is done by reducing the inputs, costs, waste, and energy consumption, especially in the factories. And for this, India is known to be one of the biggest Cleantech industries with billions of investments along with Foreign direct investments (FDI).
The Cleantech industry basically includes companies that are allied with energy and water resources, and agriculture and manufacturing. On a side note, it's also known as the Greentech industry. The Cleantech industry in India utilizes a huge range of technologies like renewable energy (biomass, wind power, biofuels etc), recycling, and others.
In fact, the government of India has taken several initiatives in order to support the Cleantech industry such as Wind bidding schemes, skill development, National Solar Mission, and many others.
In this article, we have dug deep into the history, present, and future aspects of the Cleantech industry. Let's get started!
Importance of Cleantech industry in India
When it comes to India, the Cleantech industry has been growing with an uprising graph. India has always been very generous and upfront in supporting the cleantech environment. In fact, our country has great plans for increasing the renewable energy capacity up to 175 GW by the year 2022, said by Miss Gaganjot Kaur, Project Manager at the cleantech initiative at Swissnex India.
However, the government of India has changed this target to 225 GW by 2022 and has various plans ahead.
With this in mind, India has set up the goal to achieve up to 40% of its total energy requirement through the renewal of energy sources. This has attracted some very prominent investors overseas.
A few years back, in the EY Renewable Energy County Attractive Index 2018, India was ranked 4th. The energy market in India is prepared for both domestic as well as international ventures that are starting up to offer products and services in India.
Reasons and Growth Implementation for Cleantech Industry
Shortcoming of Natural Resources
Mostly, the natural resources are available in dense forest locations where mining is forbidden under the current environmental laws. This is causing shortcomings of natural resources which puts huge pressure on available resources. That's why it's very essential to protect the available resources.
Regulations by Government
The government of India is putting great effort into developing safeguarding regulations for the environment. Alongside, it has become very active in the implementation of such regulations by active social media and awareness of people.
In fact, India is to adopt a pro-environment standpoint in all the growth strategies.
One thing that can bring a huge difference in the results of the Cleantech Industry programs is the usage of advanced technologies. This would surely help India in achieving the sustainable growth pathway along with the high growth of the Indian economy.
Latest Trends in the Indian Cleantech Industry
India is known to be the fastest-growing renewable energy sector among all the biggest economics across the world. India has set up the aim to rise to 450 GW in renewable energy sources by the year 2030.
Alongside the number of installed solar capacity has also enhanced with great proportions in the past decade.
In the year 2020, India witnessed great investment offers towards clean technologies especially in the areas of grid management and electric vehicle charging. Today, around 20-25% of startups in India are working towards the advancements of clean electricity.
Future of Cleantech Industry in India
In the upcoming years, the Cleantech Industry is set up to achieve enormous growth and advancement. With the rapid growth, depletion of resources, urbanization, and climate change the requirement of investments is very necessary for clean technology.
Many companies are being established to take the idea and usage of clean technology up forward and drive growth for clean technologies.
India has been investing billions into the Cleantech Industry that's why it's known to be one of the biggest markets in this prospect. The US and Western Europe have been transporting advanced technology for safeguarding the environment in India.
India offers pretty strong business outlooks for its foreign investors because of which some of the top companies are taking interest in the Indian Cleantech Industry.
India is working towards the Cleantech industry with great efforts and investments. The government as well formulating various regulations so that companies can easily purchase renewable electricity from the state distributors. And with the high demand for clean power to boost energy protection and reduction of pollution, India is becoming more developed in the field of clean technology. And that's the main reason why some of the biggest environment-friendly investors are approaching the Indian Cleantech industry with great interest.
It can easily be concluded that the Cleantech industry of India has earned enormous growth and is expected to achieve more advanced technology and results in all aspects of the environment.
What is the cleantech industry?
Cleantech refers to measures taken to reduce pollution or waste in the process to safeguard the environment.
What is the rank of India in renewable energy?
India ranks 3rd in the renewable energy market.
Which state is the largest producer of solar energy in India 2021?
Gujarat is one of the largest producers of solar energy in India, with its total installed solar power generation capacity reaching 4,431 MW as of 31 March 2021.