If there is one thing India has learned, it is that Policy is more symbolic than pragmatic.

India’s ambitious renewable energy target of 175 GW RE installations by 2022 has lost its steam due to economic slowdown. The industry is blaming that the economic slowdown is reducing production thus reducing their profit. This, in turn, puts renewable project developers in difficulties to honour the power purchase agreement.

Government bodies are also affected by the lack of investors. Under subscription has become a new norm in tenders. SECI’s 1800 MW ISTS VIII wind was undersubscribed by 1249 MW, SECI’s ISTS V solar was undersubscribed by 600 MW and SECI’s 2 GW CPSC solar tender was undersubscribed by 932 MW.