India Leads Global Energy Transition with Record Renewable Growth: Union Minister Pralhad Joshi

New Delhi: Union Minister for New and Renewable Energy, Pralhad Joshi, highlighted India’s unprecedented progress in the renewable energy sector, positioning the country as a global leader in energy transition. Speaking at the third India Energy Transition Conference organized by FICCI in New Delhi, he emphasized the speed, scale, and scope of India’s renewable energy expansion.

Under the leadership of Prime Minister Narendra Modi, India has not only set ambitious energy transition goals but is achieving them at a record pace. The country has already installed nearly 100 GW of solar capacity and is poised 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 nearly 200%, growing from 75.52 GW in 2014 to 220 GW today.

Joshi highlighted the drastic reduction in solar power costs, making India a leader in affordable renewable energy. 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. This affordability, combined with policy stability and long-term planning, has driven India’s success in the sector.

India is on track to achieve 500 GW of non-fossil fuel capacity by 2030 and has set an even more ambitious target of 1,800 GW by 2047. The PM SuryaGhar Yojana, aimed at installing 1 crore rooftop solar panels, has already seen 8.5 lakh installations completed, empowering households and providing income opportunities to beneficiaries.

As India’s energy demand is expected to double by 2032, Shri Joshi stressed the need for higher renewable energy financing to meet at least 50% of the expected rise in demand through clean energy sources. He assured that the Ministry of New and Renewable Energy (MNRE) is actively addressing bottlenecks in the sector by engaging with stakeholders and holding further consultations.

Joshi also underscored India’s growing global recognition in renewable energy, announcing that India has now overtaken Brazil to become the world’s third-largest renewable energy market. This achievement reflects the country’s commitment to sustainability and green growth.

The Minister reaffirmed India’s leadership in Green Hydrogen, recognizing its potential as a game-changer for the energy sector. The SIGHT Programme, which focuses on electrolyser manufacturing and green hydrogen production, is expected to boost industrial growth and innovation in this segment.

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

At the event, Joshi also launched the FICCI report on ‘Powering India’s Energy Transition’, which outlines strategies for accelerating clean energy adoption. M Nagaraju, Secretary, Department of Financial Services, was also present.

With India’s rapid renewable energy expansion, strong policy support, and growing investor interest, the country is well on its way to becoming a global clean energy powerhouse, paving the path for a sustainable and energy-secure future.