India's green energy sector is facing a slew of challenges, despite the government's efforts to boost investment.
India has introduced a range of initiatives in recent years to spur growth in the clean energy industry. These including allowing 100 per cent foreign direct investment in the renewable energy sector and various tax incentives.
"Renewables are facing several challenges," says Sanjay Kaul from the executive council of the Centre of Policy Initiatives and Energy Studies. Despite policy and regulatory level incentives, future investment in the sector is being hampered, he says.
"Provisions like exemption of excise duty and concessions on custom duty are very difficult to avail," Mr Kaul says. High borrowing costs are also a factor holding back growth in the sector.
"The wind power investment climate has not recovered since withdrawal of the accelerated depreciation incentive," he adds, referring to the government scrapping one of its tax incentives last year.
The issue of opening up more avenues of energy production is particularly pressing given the country's economic growth ambitions and its burgeoning population. India has long struggled to meet the country's demands for energy.
There are 600 million Indians without access to electricity, according to the planning commission of the government of India.
There are also regular power outages in many parts of the country.
"India faces formidable energy challenges," according to a recent report by the International Energy Agency (IEA).
"It relies heavily on fossil fuels and its energy demand is set to grow more than fourfold over the coming decades.
"Current trends will drive up imports of fossil fuels, local pollution and greenhouse gas emissions, and put energy security at risk," it says.
"But India is also well placed to take advantage of new clean energy technologies that could head off these dangers, with a solid engineering base and a strong, innovative private sector that has consistently surprised the world with pioneering and affordable technology solutions."
Costly fossil fuel imports are also a drain on the country's economy.
India is in second-to-last place on the World Energy Council's energy sustainability index (below it: Senegal).
But many companies have recognised the importance of green energy solutions in India.
India's Tata Power says it is going "all out" to step up its efforts in the clean energy sector. Tata Power, which is India's largest private thermal power generator, is working on initiatives in wind, hydro, solar, and geothermal energy.
"By 2017, we aim to have 25 per cent of our total power generation from renewable and carbon neutral sources," says Tata Power. The company is aiming to more than double its production of solar energy to about 250 megawatts by 2017.
"With the setting up of the National Solar Mission, this area has received a huge boost," it adds.
GE Energy Financial Services has also invested in India's wind energy projects as part of a US$115 million venture.
India's prime minister, Manmohan Singh, spoke about the importance of renewables for India at a green energy conference held in New Delhi last month.
"Energy is both scarce and expensive and yet it is vital for development," he said.
"We are taking steps to exploit non-conventional clean energy sources such as solar and wind power, and also energy from the bio mass. It is proposed to double the renewable energy capacity in our country from 25,000MW in 2012 to 55,000MW by the year 2017.
"Costs are falling. The cost of solar energy, for example, has nearly halved over the last two years, although it remains higher than the cost of fossil fuel based electricity."
The IEA highlights that, despite the challenges, significant progress has been made. "India has managed to switch from being an importer to becoming a net exporter of products and components used for wind, solar and hydro power, its report says.
Imports of such components into India rose by 172 per cent between 2005 and 2008, totalling $2.8 billion in 2008, while exports increased by 494 per cent to reach $3bn in 2008, the IEA says. "Based on patent data, India presents above average competence in hydropower and solar thermal power, and it has acquired export specialisation in wind power systems, playing an important role as a technology innovator.
"Recent initiatives to establish dedicated university and training courses for new energy technologies, including solar … will go a long way … to prepare human resources for the challenges ahead."
business@thenational.ae
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
Killing of Qassem Suleimani
Specs
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Range: 400km
Power: 134bhp
Torque: 175Nm
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Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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Engine: 3.0-litre six-cylinder turbo
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Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
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Price: From Dh330,000 (estimate)
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
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Transmission: 9-speed automatic
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
BUNDESLIGA FIXTURES
Friday Stuttgart v Cologne (Kick-off 10.30pm UAE)
Saturday RB Leipzig v Hertha Berlin (5.30pm)
Mainz v Borussia Monchengladbach (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Union Berlin v SC Freiburg (5.30pm)
Borussia Dortmund v Schalke (5.30pm)
Sunday Wolfsburg v Arminia (6.30pm)
Werder Bremen v Hoffenheim (9pm)
Bayer Leverkusen v Augsburg (11.30pm)
