The renewable energy (RE) sector is poised to take a dominant role in India’s power industry in the coming years, according to Shri Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy (MNRE). Speaking at a Brainstorming Conclave organized by the Central Electricity Authority on the Indian Power Sector Scenario by 2047 in New Delhi, he emphasized the significant growth of renewable energy in the country. He noted that India’s RE capacity, which was 76 GW in 2014, has now reached nearly 210 GW. The country is on track to achieve the ambitious target of 500 GW of renewable energy capacity by 2030.
Shri Singh pointed out that much of this growth will come from the solar energy sector. Solar capacity has grown from just 2.6 GW in 2014 to an impressive 91 GW today, with projections estimating it could reach close to 300 GW by 2030. Initiatives like PM Surya Ghar and PM KUSUM are driving this surge in demand, while the solar manufacturing sector is also seeing rapid advancements. Solar power module manufacturing, which stood at 2 GW in 2014, has expanded to 60 GW and is expected to surpass 100 GW by 2030.
The solar cell manufacturing sector has also seen significant growth, increasing from 1 GW in 2014 to an estimated 8-10 GW today. By the end of March 2025, it is projected to reach 20 GW, with a goal of over 70 GW by 2030. Between 2014 and 2023, investments in the renewable energy sector have totaled ₹8.5 lakh crore. Furthermore, financial institutions, including public sector banks, have pledged ₹25 lakh crore in support of RE projects through 2030 during the recent ReInvest event organized by MNRE.
Shri Singh also highlighted key government initiatives like the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission. He urged the industry to work together to advance the Green Hydrogen sector in India. The country aims to produce 7.7 metric tonnes of green hydrogen by 2030 and establish 15 GW of electrolyzer capacity. In research and development, Shri Singh mentioned the development of a reference solar cell by the National Physical Laboratory as a major achievement.
The Brainstorming Conclave was inaugurated by Union Minister of Power Shri Manohar Lal Khattar in New Delhi, and Union Minister of State for Power and Renewable Energy Shri Shripad Y. Naik also addressed the event. The conclave brought together policymakers, government leaders, industry experts, and other stakeholders to discuss ways to create a sustainable and resilient power sector for the future.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
