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India May Fall Behind In Solar Energy Target By 42%: CRISIL

by GoNews Desk 1 month ago Views 1046
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Solar energy was a big step on the government’s agenda. But due to the challenges of changes in rules, policy flip-flops and heavy fall in tariffs, the path leading to reaching renewable energy targets has become paved with difficulties. Credit rating agency Crisil has warned in its report that India could fall behind in its renewable energy targets by up to 42%. 

For this, Crisil has held weak policies, regulatory changes, and cuts in tariffs responsible.

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In its report, Crisil has said that in 2019, renewable energy capacity in India is 64,400 megawatt (MW), which can increase up to 40,000 MW by 2022. This means that by 2022, renewable energy capacity could be 1,00,400 MW. However, the central government has fixed the renewable energy target at 1,75,000 MW by 2022.

Crisil has said that since the last financial year, the interest of companies in solar energy projects is constantly declining. For this, the central government’s lax policies and a heavy fall in tariffs is responsible.

The report mentions that from among 64,000 MW projects auctioned by the central and state governments, more than 26% of projects did not get either the bid or a good response. Meanwhile, 31% of projects are facing delays in allotment.

In addition, the solar energy which was being bought by the government at impressive rates has now turned into a mere dream. Several big companies have made deductions in their projects.