Energy Is Backbone Of Economy & Fundamental To Become Global Superpower
According to Morgan Stanley, India is going to contribute 20 per cent of the world’s GDP in the coming decade.
“India’s energy consumption is going to be different from the West. Energy consumption in India is going to rise in the next three decades, unlike the West. The average per capita energy consumption by an Indian is 800 watts whereas that of an American is 9,000 watts. There is going to be a 60 per cent increase in per capita energy consumption in India in the next decade,” said Shashank Sharma, Founder & CEO, Chairman of the board of Sunsure Energy while addressing the Sustainable World Conclave, here in Mumbai.
According to Morgan Stanley, India is going to contribute about 20 per cent of the world’s GDP in the coming decades.
India aspires to add 500 GW of renewable energy by 2030. While adding the energy consumption, India should add more Green technology, Sharma suggests. There should be an energy mix of both non-renewable and renewable energy.
“India’s oil import bill is USD 140 billion. India needs to decrease its dependence on non-renewable energy so that the events like 1980s Balance of Payment (BoP) crisis do not happen again”, Sharma pointed out.
He said that Sunsure is the youngest company in the segment of green energy in India. Sunsure focuses on four key parameters, namely energy access, energy transition and decarbonization, sustainable development, and cost-effective technology manufacturing.
India is the only nation in the world where energy access and energy transition are happening simultaneously.
Sunsure is setting up power plants in the far-flung areas. The power generated from these plants is not only transmitted to high-consumption areas but is used by local residents.
He added that India is extremely dependent on imports for components of green energy now and India wants to become energy-independent by 2047, therefore focusing more on indigenous development may help in achieving this target.
“Energy is the key to economic development, the backbone of the economy, and fundamental to becoming a global superpower,” Sharma mentioned.
Sunsure is one of the fastest-growing renewable energy companies and has raised USD 400 million in equity investment. It is believed to raise USD 750 million in this segment in the coming years.
“India’s aspiration is all time high now. It is developing physical, social and digital infrastructure. It is showing a promising picture in the developmental landscape. We want to do our part of the contribution to this,” Sharma concluded.
