Dailymirror.news,India,January 30th, 2025: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 spearheading the global energy transition with unprecedented speed, scale, and scope. He was addressing the third India Energy Transition Conference, organized by FICCI in New Delhi.

Highlighting India’s ambitious energy transition goals under Prime Minister Shri Narendra Modi’s leadership, Shri Joshi noted that India has achieved nearly 100 GW of solar capacity and aims to add 50 GW of new renewable energy capacity annually in the coming years.

Over the past decade, India’s installed renewable energy capacity has surged by almost 200%, rising from 75.52 GW in 2014 to 220 GW today. Additionally, the tariff for grid-connected solar power plants has dropped by 80%, from ₹10.95 per unit in 2010-11 to just ₹2.15 per unit, making India a global leader in affordable renewable energy.

India’s Long-Term Vision for Energy Transition

Shri Joshi credited India’s policy stability and long-term vision as key factors behind its renewable energy success. 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, which aims to install 1 crore rooftop solar panels, with 8.5 lakh installations already completed. The Minister cited examples of beneficiaries who have started earning income through rooftop solar power generation.

Meeting Growing Energy Demand with Renewable Solutions

As India’s energy demand is expected to double by 2032, Shri Joshi stressed the need for higher investments in renewable energy to meet 50% of the projected rise in demand. The Ministry of New and Renewable Energy (MNRE) is actively working to remove sectoral challenges by engaging with stakeholders and conducting further consultations to ensure smooth implementation.

India’s Global Leadership in Renewable Energy

India has overtaken Brazil to become the third-largest renewable energy market in the world, gaining significant global recognition in the sector.

Speaking on Green Hydrogen, Shri Joshi reaffirmed India’s leadership in this emerging field, with initiatives like the SIGHT Programme, focused on electrolyser manufacturing and green hydrogen production, driving innovation and industrial growth.

Investor confidence in India’s renewable energy sector remains strong. At the 4th RE-Invest event in Gandhinagar, the MNRE secured investment commitments worth ₹32.45 lakh crore, with pledges for 540 GW of solar and wind capacity.

At the event, Union Minister Pralhad Joshi also launched the FICCI report on ‘Powering India’s Energy Transition’. The event was attended by Shri M Nagaraju, Secretary, Department of Financial Services, among other dignitaries.