The Business Bytes
THEBUSINESSBYTES BUREAU
NEW DELHI, JANUARY 29, 2025
Highlighting India’s remarkable strides in renewable energy, Union Minister for New and Renewable Energy, Pralhad Joshi, asserted that India is leading the global energy transition with unparalleled speed, scale, and scope. Speaking at the third India Energy Transition Conference organized by FICCI in New Delhi, the Minister underscored India’s ambitious goals and impressive achievements under the leadership of Prime Minister Narendra Modi.
Joshi noted that India has already installed nearly 100 GW of solar capacity and is set to add 50 GW of new renewable capacity annually in the coming years. Over the past decade, India’s installed renewable energy capacity has surged by nearly 200%, from 75.52 GW in 2014 to 220 GW today. He also emphasized the drastic reduction in the tariff for grid-connected solar power plants, which has dropped by 80%—from ₹10.95 per unit in 2010-11 to just ₹2.15 per unit — positioning India as a global leader in affordable renewable energy.
The Minister credited India’s policy stability and long-term vision as the primary drivers behind this rapid expansion. India is on track to achieve 500 GW of non-fossil fuel capacity by 2030, with an even more ambitious target of 1,800 GW by 2047. He also highlighted the PM SuryaGhar Yojana, a flagship initiative aimed at installing 1 crore rooftop solar panels, with 8.5 lakh installations already completed. The scheme has empowered beneficiaries to generate income through rooftop solar systems.
With India’s energy demand projected to double by 2032, Joshi stressed the need for enhanced renewable energy financing to meet 50% of this demand surge through clean energy sources. He assured that the Ministry is actively addressing bottlenecks in the sector by engaging stakeholders in further consultations.
Recognizing India’s growing global influence in renewable energy, Joshi highlighted that India has surpassed Brazil to become the world’s third-largest renewable energy market. He also reiterated India’s leadership in the green hydrogen sector, citing the SIGHT Programme, which promotes electrolyser manufacturing and green hydrogen production, as a key driver of future innovation and industrial growth.
The Minister further underscored strong investor confidence in India’s renewable energy sector. He cited the 4th RE-Invest event held by the Ministry of New and Renewable Energy (MNRE) in Gandhinagar, where investment commitments worth ₹32.45 lakh crore were secured, along with pledges for 540 GW of solar and wind capacity.
At the event, Union Minister Joshi also launched FICCI’s report on ‘Powering India’s Energy Transition,’ marking yet another milestone in India’s journey towards a sustainable energy future. Secretary, Department of Financial Services, Shri M Nagaraju, was also present at the conference.
