India is leading the global energy transition with unmatched speed, scale, and scope, Union Minister for New and Renewable Energy, Pralhad Joshi stated at the India Energy Transition Conference, organised by FICCI in New Delhi.
The minister emphasised that under Prime Minister Narendra Modi’s leadership, India has set and achieved ambitious renewable energy goals at a record pace. The country 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 last decade, India’s installed renewable energy capacity has surged by nearly 200%, from 75.52 GW in 2014 to 220 GW today.
Joshi highlighted that India’s tariff for grid-connected solar power plants has dropped by 80%, from ₹10.95 per unit in 2010-11 to ₹2.15 per unit, positioning the country as a global leader in affordable renewable energy. He credited policy stability and long-term vision as key enablers of India’s clean energy success, reaffirming the government’s commitment to achieving 500 GW of non-fossil fuel capacity by 2030 and a massive 1,800 GW by 2047.
Highlighting the PM SuryaGhar Yojana, the minister noted that the initiative aims to install 1 crore rooftop solar panels, with 8.5 lakh installations already completed. He also shared success stories of beneficiaries generating income from rooftop solar projects.
As India’s energy demand is projected to double by 2032, Joshi stressed the need for increased renewable energy financing to meet 50% of the expected surge in demand through green power sources. He assured that the Ministry of New and Renewable Energy (MNRE) is actively working to address sectoral bottlenecks by engaging with stakeholders and expanding consultations.
Joshi also announced that India has overtaken Brazil to become the third-largest renewable energy market globally. He underscored the nation’s leadership in Green Hydrogen, stating that India was quick to recognize its potential and has emerged as a global pioneer in the field. The SIGHT Programme, focusing on electrolyzer manufacturing and green hydrogen production, is set to further boost industrial growth and innovation in the sector.
Also Read | India Leads Global Green Energy Push, Says Union Minister Pralhad Joshi
The minister highlighted growing investor confidence in India’s renewable energy sector, citing that during the 4th RE-Invest Summit in Gandhinagar, investment commitments worth ₹32.45 lakh crore were secured, along with pledges for 540 GW of solar and wind capacity.
At the event, Pralhad Joshi also launched the FICCI report titled ‘Powering India’s Energy Transition’. The conference was attended by M. Nagaraju, Secretary of, Department of Financial Services, and key industry leaders.