NEW DELHI: Positioning India as a responsible nation committed to sustainable development, the Economic Survey 2014-15 has said the Indian clean energy sector is likely to generate business opportunities to the order of $160 billion for the next five years.“…We have an opportunity to avoid excessive dependence on fossil fuel-based energy systems and carbon lock-ins that many industrialized countries face today,” the Economic Survey said.Evoking the backdrop of the recent US-China climate pact, the Survey points out that this agreement is expected to provide a boost to the renewable energy sector globally.The document forecasts 2015 to be a momentous period with the world set to witness new agreements on climate change and sustainable development; it predicts this year will determine the course for international development and environmental policy agenda for the global community for the next 15 years.It elaborates that in India renewable energy offers very good opportunity for businesses to set and scale up industry, leapfrog technologies, and create volumes.Some of India’s major immediate plans on renewable energy include scaling up cumulative installed capacity to 170 GW that includes 100 GW of solar power by 2022 and establishing a National University for Renewable Energy.To provide a big push to solar energy, two new schemes -- ‘Scheme for Development of Solar Parks and Ultra Mega Solar Power Projects’ and ‘Pilot-cum-Demonstration Project for Development of Grid Connected Solar PV Power Plants on Canal Banks and Canal Tops’ -- were rolled out in December 2014.Supplementary guidelines were issued under the existing ‘Solar Pumping Programme for Irrigation and Drinking Water’ schemes to solarize the targeted one lakh pumps throughout the country during the current year.Under the ‘Pilot-cum-Demonstration Project for Development of Grid Connected Solar PV Power Plants, ‘in principle’ approval has so far been accorded to canal-top projects for generation of 34 MW solar power and canal-bank projects for 35 MW.According to the Economic Survey 2014-15, India’s total renewable power installed capacity as on December 31, 2014, has reached 33.8 GW. Wind energy continues to dominate this share, accounting for 66% of installed capacity, followed by biomass, small hydro power, and solar power.As per Census of India 2011, around 1.1 million households are using solar energy to meet their lighting needs and an almost similar number meets cooking energy needs from biogas plants. India’s renewable energy sector is driven primarily by the private sector.The government has been promoting private investment in renewable energy through an attractive mix of fiscal and financial incentives, in addition to preferential tariffs being provided at the state level. These include capital/interest subsidy, accelerated depreciation, and nil/concessional excise and customs duties. The level of capital subsidy being provided depends on the renewable resources and region, and varies from about 10% to 90% of project costs.The Jawaharlal Nehru National Solar Mission launched in January 2010 seeks to establish India as a global leader in solar energy by creating policy conditions for its diffusion across the country. Installed capacity of Indian solar power in 2013-14 was 2647 MW. As per Bloomberg New Energy Finance/UNEP report, in 2013, there was a total investment of $6 billion in renewable energy in India.