Business leaders expect greater investments in clean energy and infra under Modi 3.0
As the curtains drew on the polling booths for the seventh phase of the Lok Sabha elections on Saturday, exit poll results say the ruling BJP will be back for a third straight term under the leadership of Prime Minister Narendra Modi.
Should that happen, the industry expects the BJP’s third term to further strengthen India’s sustainability initiatives by introducing new frameworks and policies.
Mahesh Girdhar, Managing Director & CEO of EverEnviro Resource Management Private Ltd, an environment and sustainable solutions company that works closely with local governments, municipalities, panchayats and private companies, expects the new government to prioritise clean energy sectors. “India will be on the trajectory of becoming one of the fastest-growing economies, with forecasts predicting robust economic growth from 2024 to 2028. To sustain this growth momentum, the government must advance reforms for key sectors including the clean energy sector by prioritising renewables, investing in innovation and technology, and promoting public-private partnerships to build a better, cleaner, and more sustainable India for generations to come.”
Girdhar further expects the government to prioritise the development of a robust pipeline infrastructure with simplification of tax, a framework for a grid system like solar to allow compressed biogas (CBG) production in one location and off-take in another and promote the use of Fermented Organic Manure (FOM) that will help boost soil health and regenerative agriculture. “Such initiatives are vital for enhancing production and distribution, thus strengthening the overall sector. Additionally, we expect the new term to take up the crucial task of increasing CBG induction in the renewable fuel landscape. The new government needs to make India the next renewable hub and economic power.”
Industry leaders expect the new government to implement sturdy frameworks aimed at tackling challenges such as elevated capital and operational expenses in the renewables sector. This can be achieved by providing access to affordable financing and establishing mechanisms for sharing risks.
“Irrespective of the election results, the country has to stay committed to the development agenda. Infrastructure development which has taken centre-stage over the last decade is a continued journey and the government is expected to strengthen this further with much more investment and innovative schemes encouraging private participation,” says Shivdutt Das, Executive Director of Vishwa Samudra Group, a diversified shipping services company.
It was in his second term that Prime Minister Narendra Modi made steadfast efforts towards a sustainable India. The efforts included reducing carbon emissions at the national level and committing to be a net zero nation in 2070. Sustainability continues to be on the agenda for Prime Minister Modi. The BJP Manifesto issued before the election highlighted that if the party comes back to power again, the new government will work towards achieving ‘Sustainable Bharat’.
The manifesto stated, that due to focus on the environment, the government will continue to work towards achieving net-zero emissions by 2070. India has already reached 44% of its electricity generation capacity from non-fossil fuel sources and will increase the share of non-fossil fuel sources in line with Panchamrit.