How is the World Embracing the Power of Electric?

Power of electric

Power of electric

Electricity has, since ages, been a catalyst for great industrial development, the social welfare system and improved medical care facilities. With time, the importance of electricity has only been becoming greater and greater. With large scale electrification in end-use sectors like mobility, the power of electric energy is turning out to be the backbone of global energy supply. Apart from everything, this being a cleaner form of energy is benefitting the movement for global climate control.

The world today is seemingly embracing the boon of clean energy in all sectors of the utility industry. Over the years, we have developed awareness against carbon footprints while pitching for wider usage of renewable energy resources. The global support for great usage of clean energy in not just homes or businesses, but also elsewhere, is becoming bigger. From driving EVs to industrial areas and from self-reliant communities to integrated grids, we can vouch for a cleaner world in the coming days.

Battery electric vehicles (BEV) are slowly turning out to be the go-to mode of transport in many countries of the world, because they require relatively low servicing, no expensive exhaust systems, starter motors and such likely parts, as in their petrol/diesel counterparts.

Talking of India, the country for the last two decades has witnessed an uphill climb in the sectors of power generation. But currently, the requirement is of a new impetus in India’s power and RE sectors as the economic policies and financial measures have exhausted their utility.

The revival of these sectors depends upon 3 crucial factors:

  • Investing considerably in technology-driven network-upgradation to promote smooth operation
  • Bridging the gap between cost and supply through an increased tariff. However, this is possible only if point 1 is achieved
  • A strong and unique funding the mechanism to clear trade payables

Once our economy witnesses a steadfast growth in the post-pandemic phase, it would regenerate a growing demand for major electrification in various sectors. This, in turn, would further the cause of industrialization and create a cycle of economic development. Central Bank credits can be used hence, to meet the economic development. Many countries of South Asia have been able to successfully fulfil their development needs with credits from the Central Bank. India too can witness a huge financial turnaround, especially during the Covid-19 scenario, with credit support from Central Bank. This will give an impetus to boost our economy while fulfilling the rising need for electric power supply.

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