Union Minister for New and Renewable Energy, Shri Pralhad Joshi, emphasized India’s rapid progress in the renewable energy sector, stating that the country is leading the global energy transition with unparalleled speed, scale, and scope. He made these remarks during the third India Energy Transition Conference, organized by FICCI in New Delhi.
Under the leadership of Prime Minister Narendra Modi, Shri Joshi highlighted India’s ambitious energy transition goals, which are being achieved at an extraordinary pace. India has already surpassed 100 GW of solar capacity and is on track to add 50 GW of new renewable capacity annually in the coming years. In the last decade, the nation’s installed renewable capacity has surged by nearly 200%, from 75.52 GW in 2014 to 220 GW today. Additionally, the cost of grid-connected solar power has dropped significantly, with tariffs falling by 80% from ₹10.95 per unit in 2010-11 to ₹2.15 per unit, solidifying India’s position as a leader in affordable renewable energy.
The Minister credited India’s policy stability and long-term vision as key factors behind its renewable energy success. He stated that India is on track to meet its goal of 500 GW of non-fossil fuel capacity by 2030, with an even more ambitious target of 1,800 GW by 2047. Joshi also highlighted the PM SuryaGhar Yojana, which aims to facilitate the installation of 1 crore solar panels, with 8.5 lakh installations already completed. He shared success stories from beneficiaries of the program, noting that some have started generating income from their rooftop solar systems.
With India’s energy demand expected to double by 2032, Shri Joshi stressed the need for even greater financing in renewable energy to meet 50% of the anticipated rise in demand. The Ministry of New and Renewable Energy (MNRE) is working closely with stakeholders to address challenges in the sector, with plans for additional consultations.
Shri Joshi also highlighted India’s growing recognition as a global leader in renewable energy, noting that the country has now surpassed Brazil to become the third-largest renewable energy market in the world.
On the topic of Green Hydrogen, Shri Joshi pointed out India’s early recognition of its potential and the country’s leadership in this field. The SIGHT Programme, which focuses on electrolyser manufacturing and green hydrogen production, is expected to drive further innovation and industrial growth.
The Minister concluded by citing strong investor confidence in India’s renewable energy sector, mentioning that at the 4th RE-Invest event in Gandhinagar, investment commitments worth ₹32.45 lakh crore were made, along with pledges for 540 GW of solar and wind capacity.
At the event, Union Minister Joshi also launched the FICCI report titled ‘Powering India’s Energy Transition.’ The Secretary of the Department of Financial Services, Shri M Nagaraju, was also present at the conference.
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