Renewable energy is a global issue that could define India's long-term economic success. India has very little in the way of crude oil reserves and finding new fields will become a costly proposition.
As India's economy continues to grow, so will its energy needs. Developing renewable sources of energy is a national priority.
Renewable energy only accounts for about 5 per cent of India's total energy consumption. The Indian government has set a goal of generating 50 per cent of the country's energy needs by 2050. This will require massive investments in a wide range of renewable energy sources.
Moser Baer Photovoltaic planning an IPO
India is already developing technical and manufacturing leadership in several areas including wind, solar, and biomass. Suzlon Energy, a publicly traded Indian company, is now the world's fifth-largest wind energy provider, and its ranking is expected to climb in the near future.
Moser Baer Photovoltaic, which is planning an initial public offering in 2009, is becoming a global leader in the development and manufacture of thin-film solar technology. And Bhoruka Power has become a leading player in the small hydro segment for power generation in India.
But the largest manufacturer of agricultural vehicles in India, Mahindra & Mahindra, is taking the lead in biodiesel.
In February, 2007, the company introduced versions of its two most successful sport-utility vehicles, Scorpio and Bolero, which run on biodiesel. Scorpio is the first Asian vehicle in its class running on 100 per cent biodiesel.
Image: Vibrant yellow blossom of rapeseed has become one of the most popular crops for farmers. Rapeseed oil can be chemically altered to produce biodiesel | Photograph: Andreas Rentz/Getty Images
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