Indian Prime Minister Narendra Modi has vowed the accelerate the use of renewable energy to help the country conserve more than 20,000 MW of power that costs the country about a million dollars per year.
During his Independence Day address in India, Mr Modi said that inflation has been contained within 6% despite the difficulties of farmers expanding their cultivation. He said that his Goods and Services Tax would lead to a uniform taxation regime to improve the situation effectively.
He had also shown strong support to public sector undertakings. He also said that now the new economic culture helps businesses that do not turn a profit to achieve their greater goals.
Analysts welcomed the rare instance of the prime minister highlighting specific energy issues in the Independence Day speech. Salil Garg, Director (Corporate), India Ratings & Research, said all the issues that Modi addressed were ones that the government had successfully pushed for some time.
“The PM’s speech underscored the development in the energy sector, partly due to government reforms and partly due to softer crude prices. These two factors will ensure that the momentum i ..
“The day we achieve the target of 77 crore bulbs, we would be saving 20,000 MW of electricity. When we save 20,000 MW electricity, it means we save around 125,000 crore rupees…We can fight against global warming by saving 20,000 MW electricity and contribute a lot towards the efforts aimed at the protection of environment and a common man can also contribute to it,” Mr Modi said.