In recent years, India has been
making significant strides in the renewable energy sector, aiming to transform
its energy landscape and reduce its dependence on fossil fuels. One of the key
figures driving this transformation is Ratul Puri, Chairman of Hindustan Power
Group. Under his leadership, the company has emerged as a frontrunner in the
renewable energy revolution, with a particular focus on solar energy. Ratul
Puri's insights and strategic vision have been instrumental in shaping the
company's success and positioning it as a leader in the power generation
sector.
As India prepares for the Union
Budget 2024, there is a keen interest in understanding how policy measures will
support the renewable energy industry's growth and sustainability. In an
exclusive conversation, Ratul Puri shares his expectations from the upcoming
budget, the challenges faced by the solar energy sector, and the role of
emerging technologies like artificial intelligence in revolutionizing India's
power sector.
Q: Mr Ratul Puri, as a
leader in the Indian renewable energy sector, what are your expectations from
Budget 2024?
A: India has set an ambitious target of installing 500 GW of
non-fossil fuel-based energy capacity by 2030, with solar energy forming the
majority of this addition. Achieving this objective requires policy measures
that can significantly boost our industry’s growth and sustainability. First,
we need substantial financial support from the government, as we must add a
minimum of 50 GW of renewable energy capacity annually to reach our target.
Additionally, investment in R&D is crucial to ensure that the equipment we
produce, such as solar panels, can withstand extreme weather events like
heatwaves.
To make our projects competitive
and economically viable, the GST on solar components should be reduced to 5%.
It will encourage broader adoption of solar energy across the country.
Moreover, reducing import duties on solar panels and components will be
essential to making solar energy more affordable and accessible. Local
manufacturers should be provided incentives and subsidies, better access to
working capital, and viability gap funding to reduce dependence on imports.
Q: Mr Puri, you have
mentioned extreme weather events. How do they affect solar energy equipment?
A: India enjoys a sunshine period of about 10 months, which is
advantageous for harnessing solar energy. However, extreme weather events such as
heatwaves, coupled with increasing power demand, adversely affect solar panels.
These panels are designed to work efficiently between 15 degrees and 35 degrees
Celsius. As temperatures rise, the efficiency of solar electricity generation
declines. Prolonged exposure to higher temperatures can reduce the efficiency
of PV cells by 10%-25%. While monocrystalline panels offer an alternative, they
are more expensive. Therefore, as I mentioned earlier, investing in R&D to
develop weather-resistant solar technology is essential to keep it affordable
for all Indians.
Q: Artificial
intelligence is all the rage now. How do you see the role of artificial
intelligence in India’s power sector, Mr Puri?
A: Artificial intelligence represents the future of India’s power
sector and has the potential to transform the industry completely. AI can
enhance the efficiency, reliability, and sustainability of power generation and
distribution. AI algorithms analyze vast datasets from power grids, wind
turbines, solar panels, and other sources to optimize energy production and
consumption. They can predict maintenance needs, minimize downtime, and reduce
costs by anticipating equipment failures before they occur. AI can also improve
grid management, balancing supply and demand in real-time, which is crucial for
integrating renewable energy sources.
Of course, there are challenges,
such as the high energy consumption of AI systems, cybersecurity risks, and the
need for skilled manpower. However, I am confident that with the government’s
support, we will overcome these challenges and harness the full potential of AI
in the power sector.