Indian Power Sector: Recent Paradigm & Future Development

Abstract

Power is a crucial element of any form of infrastructure, essential for a country's economic development and health. The presence and growth of sufficient infrastructure are vital for India's economy to continue to expand. India's power market is one of the world’s most diverse. Power generation options include coal, lignite, natural gas, oil, hydro, and nuclear energy, as well as feasible green renewable options including wind, solar, and farm and domestic waste. The country's energy demand has grown dramatically and is projected to continue to grow in the coming years. To satisfy the country's ever-growing requirement for energy, a considerable increase in installed generating capacity is expected near future. India is the only country in the G20 that is on course to meet the Paris Agreement's goals. Despite several crises worldwide due to global pandemic outbreaks, India has witnessed one of the world’s largest FDI in FY2020-21. The Government of India has identified the power sector as a critical sector of focus to develop & harness sustained industrial growth all across the country. The Indian power sector has been experiencing massive systemic changes over the past decade. This paper discusses the need to adopt long-term scientific strategies and a futuristic roadmap to transform & radicalize other significant aspects of the power industries.