India's renewable energy sector will generate business opportunities of a whopping Rs10 lakh crore in the next five years, says the Economic Survey 2014-15.
India's total renewable power installed capacity as on December 31, 2014 has reached 33,800 MW, wind energy continues to dominate this share accounting for 66 per cent of installed capacity followed by biomass, small hydro power and solar power. The country's National Solar Mission is being scaled up five-fold to 1,00,000 MW by 2022.
"In the next five years proposals are likely to generate business opportunities of the order of $160 billion (approximately Rs9,92,000 crore) in the renewable energy sector," the survey said adding, the sector offers very good opportunity for businesses to set and scale up industry, leapfrog technologies and create volumes.
Some of the country's major immediate plans on renewable energy include scaling up cumulative installed capacity to 1,70,000 MW and establishing a National University for Renewable Energy, it said.