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The budget clearly indicated a boost for the renewable energy sector, says says Sachidanand Upadhyay, MD & CEO, Lord’s Mark Industries

The budget clearly indicated a boost for the renewable energy sector, says Sachidanand Upadhyay, MD & CEO, Lord’s Mark Industries

Your take on government initiatives for renewable energy sector…
According to a recent research forecast from 2022 to 2026, the solar power market size in India is expected to grow by USD 240.42 billion at a CAGR of 35.24%. Low carbon emissions from renewable sources, combined with growing environmental concerns, is driving the adoption of renewable energy sources. Despite the market being fragmented, the increased emphasis on renewable energy sources is increasing investments in the country's solar energy sector, which is driving the growth of India's solar power market. The government has also extended considerable support through initiatives such as reducing repo rate, making solar plant O&M an essential service, removing tariff caps for solar tenders, PLI scheme, among others to help the sector. All in all, the future of the solar power market looks promising.

Please take us through your solar-based products and appliances’ vertical?
Our solar-based products and appliances promote a sustainable environment by reducing the dependency on traditional energy resources. Our product offerings include off-grid solar plants, on-grid solar plants, solar home lighting systems, solar street lighting systems, RMS-based solar street lights, LED lights of all types, and other innovative products. In terms of recent developments, we have collaborated with the Government of India on Smart City projects to provide solar lighting systems to houses in villages where electricity has not yet been installed. We have also collaborated with Philips' Solar Division and Trade Lighting Division. Through this collaboration, we are going to launch these products in the retail market and the government residential sector. Our other collaborations with governments include "Saubhagya," to provide lights to every home in several villages in UP and Assam; "DeendayalUpadhyay Gram JyotiYojana," to electrify households across UP through UPNEDA; and "AtalJyotiYojana," to provide solar power in Bihar and Jharkhand through EESL.

Which is your largest selling product?
Our most popular product is our Smart Solar street lighting system. In addition, we are also the market leader in EPC for solar roof-top products.

Competition is getting crowded with various known and unknown brands in the market. What are your plans to increase your market share?
More than just competition, there is a need for collaborative efforts in the industry to reduce dependency on imports. India has a huge opportunity to tap its resources, introduce cutting-edge technology, and leverage its geological advantage to become a global manufacturing hub for renewable energy. We have invested in R&D in a bid to add more innovation to our existing product line.

Your take on Budget 2023-24, and how are you going to leverage the huge opportunities offered in the Budget for the renewable energy sector?
The budget clearly indicated a boost for the renewable energy sector, announcing "green growth" as one of the government's priority sectors. These green growth initiatives will undoubtedly contribute to lowering the economy's carbon intensity while also creating large-scale job opportunities. The government's move to increase energy security and build a low-carbon economy is commendable. With a constant focus on renewable energy, our company will strengthen its network to focus on solar product distribution while promoting a sustainable environment in India. We are optimistic that the proposed Union Budget 2023 will provide us with additional opportunities to build a renewable-powered "Aatmanirbhar Bharat".

What are your plans for the next financial year for your solar-based products and appliances’ vertical?
Our aim for the upcoming financial year is to double our current sales achievements. With our in-house R&D, we are optimistic that our profits will increase. Our aim is to be a technology provider to other companies so that new, innovative technology can benefit every part of the country and our countrymen. This will further enable us to increase our network and our income.


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