India: The Renewable Hub in the making

Cover letter: India is expected to add close to 4,000 megawatt (MW) of solar power in 2016, much higher than 2,133 MW it added in 2015, according to a recent report. The Mercom Capital report further added that the solar installations in India increased by 142 per cent in 2015 and is expected to record strong growth in 2016 and 2017. The Prime Minister of India, Mr Narendra Modi revised India’s solar power target from 20,000 MW to 100,000 MW by 2022 in June 2015. Industry watchers expect a lot of positive developments in the domestic renewable energy sector in 2016 and 2017. 

In another significant development, the Rajya Sabha has approved The Real Estate (Regulation and Development) Bill, 2013. The legislation is expected to protect consumer interest, ensure efficiency in all property related transactions, improve accountability of developers, boost transparency and attract more investments to the sector. Real estate is the second largest employer in the country, after agriculture, and contributes 9 per cent to the gross domestic product (GDP). The Bill is expected to increase the trust and confidence of the Indian consumer. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.