Role of Solar Energy in the Development of the Indian Economy

Solar energy-based power generation systems play a pivotal role in bolstering the Indian economy and contributing to India's energy security and independence. With reduced dependence on fossil fuel imports, solar power plants mitigate the risks associated with price volatility and supply disruptions in the conventional energy sector. By displacing fossil fuel-based electricity generation, solar power plants play a crucial role in mitigating climate change. India has implemented various solar-based power plants as part of its renewable energy initiatives. These power plants utilize different technologies and configurations to harness solar energy for electricity generation. Thus, the chapter explores the multifaceted role of solar energy by incorporating different solar-based technologies in developing the Indian economy. The chapter also enlightens their impact on job creation for economic growth, energy access in rural development as well as industrial development and technology transfer. Furthermore, government initiatives, along with supportive policies which possess significant importance in promoting solar energy adoption, attracting investments and driving the growth of the solar industry in India were also thoroughly covered because of their potential to bring transition in the sustainable development of the country.