“We’re at $ 48-50 billion and we’re going to grow at a CAGR of 11-12%. So by 2025 it will be around $ 72 billion,” he told PTI.
The value of India’s exports will reach $ 13 billion, up from $ 8.62 billion currently, he said, adding that the world is now looking for India as an alternative to China.
Saboo said the local electrical equipment industry will play a crucial role in achieving India’s renewable energy targets as well as the overall carbon emission reduction targets under the Paris Agreement.
India has set an ambitious target of having 175 GW of renewable energy (RE) capacity by 2022, 450 GW by 2030.
Increasing the capacity of renewable energy will require equipment of a new age and local players will seek to meet the requirement locally, he said.
“With increased equipment manufacturing, our industry can play a critical role in achieving these goals.
“We call on the government to encourage the electrical equipment manufacturing sector to meet energy efficiency and climate change targets by providing the necessary incentives for exports as well as funds for research and development in the sector.” , said the president of the IEEMA.
He added that the industry is optimistic about its ability to raise $ 18 billion in investment per year to meet the target of 450 GW of RE by 2030.
The IEEMA is the first ISO certified industry association with more than 800 member organizations spanning the entire value chain in power generation, transmission and distribution equipment and electronic products.