It was inspiring to hear Prime Minister Modi speak at The Economic Times Global Business Summit last evening; his message of rejecting incremental tweaks in favor of systemic change for progress resonated with me.
A noteworthy example was the bold “de-monetizing” program successfully executed about 8 years, where most paper currency was rendered obsolete, forcing the population overnight to bank accounts and electronic currency, significantly curbing corruption of the prior cash economy.
Since my first to India in 1992 (yes doing solar), the country has come so far in advancing infrastructure, human health and welfare, manufacturing, digitization. Connectivity is better in most cities than the Bay Area. India has completed many requisite investments and has a young, well educated population. It in position for sustained 7%+ annual growth over many years.
In the session “The Global Energy Agenda: A look ahead in Shaping Tomorrow’s Energy Landscape” I was joined by esteemed co-panelists including Preeti Bajaj, Naveen Munjal, and Manish Bapna. Progress in bioenergy, solar, and sustainable aviation fuels was covered. India has already installed 170 GW of its 2030 target of 500 GW.
My subsequent panel “Business for Global Peace: Nurtering Stability & Cooperation” addressed how geopolitical disruptions have weakened multilateralism and supported protectionism at a time when global conflicts have risen exponentially. I noted many conflicts over thr last century are either about or funded by fossil fuels, and our collective work in “electrifying everything, and powering with renewables” can support peace by reducing foreign currency paid to petro-dictators. And imagine what could be done with the $60B India currently sends abroad each year for oil.
Thank you ET for the invitation to join this Summit, Nextracker is fully engaged in supporting India’s Solar power needs with our local team and supply chain, delivering and fulfilling so far over 30 high performing utility scale solar power plants, with our first in Hyderabad 2014. It will be amazing to watch India progress over the next decade.
Shug
