How much power is there in India said Piyush Goyal? | Ambani, Tata, and Jindal will do this work for the country.

How much power is there in India said Piyush Goyal?

Where is the recession? If someone asks, what would you say? we are not seeing any recession, so let's just run our business. Our job is going well, but sir, the effect of the recession is spread all over the world. Thousands of people have lost their jobs. Many well-known companies have gone on the path of retrenchment in the name of recession.

 

You just name it, almost every big company in the world has started reducing the workforce from here. But it is also true that India is in a strong position. That's why you will not get to see the effect of recession as much as it is seen in the rest of the world. But it is not that we will not see that time at all. Why is it so tough? 

Even during a recession, India is making new records in terms of exports. Union Commerce Minister Piyush Goyal himself has given this information during the ASSOCHAM Annual Session 2023. He said, even after the Russia-Ukraine war, the supply chain was disturbed all over the world and inflation reached its peak. 

Overcoming all those challenges, India's exports stood at $500 billion in the financial year 2020-21. In the financial year 2021-22, the export of goods in the country was $ 422 billion, while the export of many services was $ 254 billion. That is, exports reached a lifetime high with a total of $ 676 billion and it is expected that in 2022-23 the record will be broken and there will be exports of $ 750 billion. 

From the point of view of India, this is a very good figure. Healthy growth is being witnessed in both the trade and services sectors, but the scenario is slightly different for the rest of the world. Inflation has gone to life high level in developed countries. Due to this interest rates are increasing in developed countries. 

The feeling of despair is also increasing in the countries of the world. You must have seen recently that the condition of banks from America to Europe has become bad. Banks work like the backbone of a country and if it collapses then what will happen to the country? Like American Bank, SVB, and Signature Bank they have been closed. 

At the same time, Europe's Credit Suisse also died and America's tech companies are engaged in cost cutting. From Apple to Meta and from Amazon to Microsoft, every big company has gone on the path of retrenchment. Let us tell you that the World Bank has also issued a warning of recession.

 

The World Bank has said that the pace of the global economy could be the lowest in three decades for the next seven years i.e. till 2030. To avoid this, the World Bank has said in its report that productivity and labor supply have to be promoted. Investment has to be promoted. Along with this, the capabilities of the service sector have to be used in a better way. 

Only then will the world be saved from this danger to some extent. At present, India looks strong in this situation because it can use its capabilities properly to some extent. But even though India's situation looks strong at the moment, if we look at the data of the Ministry of Commerce released earlier this month. 

India's exports declined by 8.8% in February for the third consecutive month, which was 33.88 billion dollars in the same month last year was $37.15 billion. Imports also declined by 8.21% to $51.31 billion from $55.9 billion in the same month last year. The country's trade deficit in February stood at $17.43 billion, so it shows that we are also being affected and losses are also being seen. 

It can be understood from these things that the shadow of a recession looming over the world may not seem to affect India yet. But when this crisis has started in the world, then how can India also remain untouched by it?

 

Ambani, Tata, and Jindal will do this work for the country:

The government is continuously taking steps towards its goal of providing cheap electricity to every household. In such a situation, the government's focus is especially on the solar sector. Now you will see Mukesh Ambani, Tata, and Jindal doing all the work in this plan of the government. 

The government has announced the installation of 39,600-megawatt domestic solar units in the country and for this; the government is going to give a total of ₹14007 crores to companies under the Production Linked Incentive (PLI) scheme. 

Let's know the full news. The government has given work to 11 companies, including Mukesh Ambani's energy sector Reliance and Tata Group's Tata Power, under the PLI scheme linked to production. Reliance and Tata Power, besides Indosol, First Solar, ReNew and JSW, are among the 11 companies selected for PLI in the second phase of Solar PV. 

The government has announced a total outlet of ₹14007 crores under the PLI scheme. These Companies have been allocated a total of 39600 MW of domestic solar photovoltaic PV module manufacturing capacity. The ministry said that the total operational operator will have 7,400 MW by October 2024, while 16,800 MW capacity will be operational by April 2025, Under this scheme.

While the remaining 15,400 MW capacity is expected to be commissioned by April 2024. The ministry said that an investment of ₹ 93,041 crores is expected from the second phase. Speaking on the success of the team, Union Power Minister RK Singh said that India is on its way to moving up the value chain in the production of high-technology solar PV modules. 

This capacity addition is a major step towards making India self-reliant in the solar sector. On the other hand, according to the report, Reliance will generate 4,800 MW, Tata 4,000 MW, and Jindal's JSW 1,000 MW of solar power in this scheme of 39,600 MW. It is expected that the project will start in October 2024. 

According to the report, in this scheme of the government, these companies will create more than 1 lakh jobs across India. Out of the total jobs of 1 lakh, 35,010 jobs will be provided directly while more than 65,000 people will get indirect employment across the country. 

It is believed that with the completion of this project, the country's solar power sector will reach a new dimension and the dream of cheap electricity across the country will be fulfilled. A total aggregated capacity of 8737 MW was allocated under the first phase in Spain in November and December 2022. 

Including the two phases, the total domestic solar PV module manufacturing capacity allocated under the PLI scheme is 48,337 MW, with a total support of ₹18,500 crore by the government. If you have liked the information given in this blog, then do like and share it.