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The Indian energy sector is positioning itself at a global level

August 11, 2023 6:09 pm

The Indian energy sector is positioning itself at a global level

UN Report Ranks India 46th in Frontier Tech Readiness; Ministry’s Initiatives Foster Indigenous Renewable Innovation

India recently achieved the 46th spot in the “Frontier Technologies Readiness Index,” a key metric revealed in the recently published “Technology and Innovation Report 2023” by the United Nations Conference on Trade and Development. R K Singh, The Union Minister for New & Renewable Energy and Power has apprised this development index, terming it as a testament to India’s preparedness in adopting cutting-edge technologies.

Commenting further on this, Singh says despite the absence of specific research or survey on Research & Development (R&D) investments in the green energy transition for the preceding year, a noteworthy stride was undertaken by establishing an external panel of experts, helmed by Dr. Anil Kakodkar, a former luminary as the Chairman of the Atomic Energy Commission. The core remit of this committee was to comprehensively evaluate the ongoing R&D framework, explore viable funding mechanisms, and pinpoint the prevailing areas of emphasis, all aligned with the overarching vision of augmenting the share of renewable energy sources in the country’s energy matrix. The outcomes of this assessment have laid the foundation for the seamless continuation of the Renewable Energy Research and Technology Development Programme (RE-RTD) from the year 2021-22 until 2025-26, with a robust budgetary allocation of ₹. 228.00 crore.

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Executed by the MNRE the Renewable Energy Research and Technology Development Programme stands as a harbinger of innovation and advancement. Its fundamental objective is to cultivate indigenous technologies and bolster manufacturing capabilities, fostering the optimal and cost-effective application of novel and renewable energy solutions. As part of its inclusive approach, the program extends substantial financial support, offering up to 100 percent funding for governmental and non-profit research organisations, and up to 70 percent for industries, startups, private institutions, enterprising individuals, and manufacturing units. This multifaceted support structure encourages active engagement across sectors and promotes collaborative efforts in propelling India’s sustainable energy transition.

The Minister’s announcement underscores India’s evolving status on the global technological stage, highlighted by the Frontier Technologies Readiness Index. The nation’s strides in renewable energy R&D are substantiated by the diligent work of the external committee, resulting in the continuation of the RE-RTD program. This program, with its robust financial backing, showcases a pivotal avenue for indigenous innovation, thus propelling India towards a greener and more sustainable energy landscape.

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