India’s energy transition has been carefully shaped to support industrial growth, create jobs and improve global competitiveness, especially for emerging economies, Union Minister for New and Renewable Energy Pralhad Joshi said at the World Economic Forum Annual Meeting 2026 in Davos. Speaking at a high-level session on “Energy: The Great Funding Gap,” the Minister said India’s clean energy journey is not just about climate action, but about people, livelihoods and long-term economic strength.
He said that under the leadership of Prime Minister Narendra Modi, India has turned energy transition into a people-centric development movement. At the same time, the country has improved energy security and reduced power costs for industries and households. According to the Minister, India has already achieved 267 GW of installed non-fossil fuel power capacity, with renewables accounting for around 52 percent of total installed power capacity, much earlier than planned.
The Minister explained that India sees renewable energy as a growth enabler. Affordable and reliable electricity is helping industries expand while also benefiting households. He highlighted that falling renewable energy costs have played a major role in reducing electricity tariffs across sectors, which marks a significant change in India’s power sector.
He also spoke about major government schemes that are driving social and economic change at the grassroots level. Under the PM Surya Ghar: Muft Bijli Yojana, rooftop solar systems have been installed in 2.7 million households in the last two years. The scheme aims to cover 10 million households and generate around 30 GW of power. This has helped families lower their electricity bills and earn extra income.
Under the PM-KUSUM scheme, more than 2.1 million farmers have shifted to solar-powered irrigation pumps. This has reduced dependence on subsidized grid electricity and allowed farmers to sell surplus power back to the grid. The Minister said these initiatives are turning consumers into “prosumers” and improving rural incomes and livelihoods.
The Minister noted that solarizing agricultural pumps has also reduced subsidy pressure on power distribution companies. Replacing high-cost subsidized power with low-cost solar energy has helped bring down tariffs for industries and households. He said this change shows how renewable energy can support both economic and fiscal stability.
He highlighted India’s progress in building a strong domestic manufacturing base for clean energy. India has already set up 144 GW of solar module manufacturing capacity, while solar cell capacity stands at 27 GW and is expected to reach around 50 GW soon. The country is also moving towards manufacturing wafers and ingots to complete the solar value chain. Along with solar, India is rapidly expanding wind energy, battery storage and pumped storage projects to support grid stability and reliability.
Addressing concerns about power reliability, the Minister said India is following an integrated approach by combining renewables with energy storage, pumped storage hydro and nuclear power. Legal and policy reforms are also being carried out to expand nuclear energy and strengthen base-load capacity.
On the sidelines of the WEF meeting, the Minister held several bilateral meetings with global leaders and companies to boost clean energy investment and cooperation. He met ministers from Jordan and Zimbabwe to discuss renewable energy partnerships, decentralized solar solutions and emerging areas like green hydrogen and bioenergy. He also met the head of the International Energy Agency to discuss India-focused data and innovative financing to reduce the cost of capital.
Meetings were also held with leaders from Acciona, ENGIE, S&P Global and Bloom Energy, focusing on expanding renewable projects, improving ESG and credit frameworks, and exploring clean and reliable power solutions for industries and data centres. The Minister said India’s experience shows that energy security, affordability and sustainability can go hand in hand through strong policies, scale and domestic manufacturing.
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