India, the third-largest producer and consumer of electricity worldwide, has an installed power capacity of 408.71 GW as of October 31, 2022. While fossil fuels account for 58 per cent of the power generation capacity, non-fossil fuel-based generation forms 42 per cent. In line with the Paris Agreement, India is reducing its dependence on coal for power generation to control the emission of greenhouse gases. With an aim to lower carbon footprint in power generation, the government has been encouraging investments in renewables (wind, solar, etc).

As per National Infrastructure Pipeline (NIP) 2019-25, energy sector projects accounted for the highest share of approximately 24 per cent out of the total expected capital expenditure of Rs 111 trillion. This presents huge opportunity for suppliers of products and solutions to the power sector. The power equipment industry production was estimated at $ 30 billion in 2021-22, with exports generating $ 10 billion revenue. FY2021-22 registered a growth of 17 per cent over FY2020-21; a pandemic affected year.

Though the per capita consumption of electricity in India (at 950 units) is very low compared to the US (13,000 units) and Europe (6,000 units) at present, it is expected to grow rapidly in the coming years. As per a study by the Indian Electrical and Electronics Manufacturers' Association (IEEMA), more than $2 trillion of investment will be required in India’s power sector in the next two decades.

Growing middle class and urbanisation are resulting in big changes in the energy consumption patterns in the country. With the Government of India’s aiming to make India a manufacturing hub of the world, the demand for electricity is going to increase. Growing number of electric vehicles will result in more electricity consumption. According to IEEMA study, if the AC makers achieve 50 per cent of their targeted sales in the next five years, India will require additional 6000 MW of energy.

Similarly, if 25 per cent of vehicles in Mumbai become electric, then 33 per cent extra energy will be required by the city. While fulfilling this rising energy need, India will have to follow a low-carbon emission path; thus needing to increase contribution of renewables in the energy basket.

Against this back ground, IEEMA has aptly kept the theme of ELECRAMA 2023 as “Reimagine energy: For sustainable future”. This event - with a focus on sustainability through energy conservation, carbon net zero and smart consumption - will showcase innovation and future technologies in many areas including storage, green hydrogen, fuel cells, AI, and IoT.

With a focus on energy storage, energy efficiency, EVs, Industry 4.0, digitization, etc, companies are looking at investing in India to make the country self-reliant and global manufacturing hub. As part of Mission 2030, the industry aims to reach $65 billion output with export of $25 billion. By showcasing the prowess of the Indian electrical & allied electronics industry ecosystem to the world, ELECRAMA is all set to become an enabler to achieve the ambitious industry goal.