Solar-Related Business Can be the Next Big Thing in the Indian Business Ecosystem

This is eventually an era of renewable energy sources where customers across the globe are becoming more aware of their daily impact on the environment. Helping to improve the environment could be a great business opportunity which leads us to the currently existing solar business industry in India.

The Indian renewable energy sector is the fourth most attractive renewable energy market in the world. As of October 2018, India ranked 5th in installed renewable energy capacity. According to 2018 Climatescope report, India ranked second among the emerging economies to lead to transition to clean energy.

An investment in the solar business could allow you to become a solar panel installer, distributor of solar products, or managing other types of solar energy products and services. Choose your area of focus and establish your business properly to gain consumer confidence regarding your services.

In conversation with Franchise India, Saikat Sarkar, Director, Ujjal Vikas Solar India Limited, talks about the current status of the Indian solar panel manufacturing industry and its future in the country.

The Current Status of the Indian Solar Panel Manufacturing Industry

Saikat Sarkar says, “Indian government has taken several initiatives such as the introduction of the concept of solar parks, organizing RE-Investment-a Global investor’s meet, launching a massive grid-connected rooftop solar Program, Solar Pump Scheme with a huge Target of installing, program to develop the skill for solar installation under the Surya Mitra scheme.

UjjalVikas Solar India Limited is supporting the Government in achieving 175GW of renewable energy by the year 2022 by creating awareness and installing the solar rooftops In Pan India.”

The Growth Factors

Any business industry to explore, you will eventually find some or the other factors that are rapidly working towards the transformation of that particular segment. Similar is the situation with the Indian solar industry.

“Like any other business industry, the solar industry has its own factors which are propelling the growth in the industry. Some of the major factors are:

• India’s high solar isolation rate
• India’s huge electricity demand-supply gap
• Lack of power grid availability
• Increasing expenses
• Government support & availability of more efficient solar technologies

Further, power Deficient regions with regular blackouts of 8-10 hours (Load shedding) and large power demand from India’s fast Growing Economy triggered government’s attention to invest considerable time and money in this sector,” highlights Sarkar.  

Roadblocks Affecting the Indian Solar Industry

Challenges are everywhere. Whether you run a small repair shop or a big solar products firm, entrepreneurs need to address challenges on a daily basis that keeps on modifying as time passes by. Apparently, this is how an industry gets revolutionised, once entrepreneurs find out a way of dealing with such challenges.

“It is recommended that every existing and aspiring entrepreneur should be ready to face roadblocks which might occur while running your business. Similar is the situation with the solar business industry. Consider the below-mentioned challenges that one might experience while running a solar-related business in India.

• Land scarcity
• Funding for initiatives
• The lack of closer industry-government cooperation for the technology to achieve scale
• The need for focused, collaborative and goals are driven R&D to help India attain a technology leadership
• The need for better financing infrastructure, models and arrangements