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Powering India’s future – The way forward
The depleting fossil fuel reserves, uncertainties in oil and gas prices, environmental concerns and the need for energy independence have heightened the significance of renewable energy over the last few years. Solar Photovoltaics (PV) is projected to emerge as an attractive alternate electric power source in the future. Globally, the industry has grown at a CAGR of around 45% over the past 5-7 years.
How about India? The use of solar energy for India assumes major importance, especially when viewed from the available potential and the acute power shortage faced by the country. India has abundant sunshine available and its solar reception amounts to 5000 trillion kWh per year with over 300 clear sunny days. The new energy plan has directed the focus on solar energy as a major contributor in the coming years.
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