Ministry of New and Renewable Energy (MNRE) to launch National Lab Policy for renewable energy

India: The Ministry of New and Renewable Energy (MNRE) is in the final stage of finalizing National Lab Policy, for setting norms for testing, standardization and certification of renewable energy related products, and to define the infrastructure required for testing centers. The policy document is slated to be completed by August 2016. The policy has set highly technical standards for products such as solar pumps, solar batteries, solar lanterns and solar thermal systems.

TechSci Research depicts that the policy is expected to improve the quality and reliability of installed PV systems. These standards are in line with the government's thrust towards manufacturing more solar cells, modules, inverters and components indigenously. The policy sets standards for components, SPV systems and power plant that would be suitable in Indian conditions. Rising government investments in the sector, increasing technological advancements, growing environmental concerns, government support in the form of favorable policies, subsidies and tax incentives are expected have a significant positive impact on the market in the ensuing years.

According to a released report of TechSci Research “India Solar Power Equipment Market Forecast & Opportunities, 2020”, the solar power equipment market in India is projected to surpass USD4 billion by 2020. In addition to this, the government policies that promotes local manufacturing through subsidies and anti-dumping duties would further support the large scale production of equipment. Constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices is projected to further drive the solar equipment market over the next five years.