India’s renewable energy sector poised to drive economic growth: Pralhad Joshi

Union Minister Pralhad Joshi emphasized the rapid growth of India’s renewable energy sector and its potential to significantly boost the economy. Speaking at the BNEF Summit, Joshi highlighted the Modi government’s initiatives to promote renewable energy, including competitive industry structures and low solar power costs due to India’s abundant sunny days.

The minister stressed that India’s path to decarbonization lies in meeting incremental electricity demand with non-fossil fuel sources, for which large-scale grid storage solutions are essential. He mentioned a policy to promote pumped storage projects (PSPs) to store excess electricity and integrate renewable energy into the grid.

Additionally, the government is implementing a PLI scheme for high-efficiency solar PV modules with an outlay of Rs 240 billion. Under this scheme, Letters of Award have been issued to establish 48,337 MW of solar PV manufacturing capacity. Joshi highlighted India’s progress, with installed renewable energy capacity increasing by 165% over the last decade, from 75.52 GW to over 203 GW.

The minister noted that renewable energy generation rose 86% from 193.5 billion units to 360 billion units in 2023-24. He added that solar tariffs have fallen by 76% for grid-connected solar power plants, dropping from Rs 10.95 in 2010-11 to Rs 2.60 in 2023-24. Over 0.25 million rooftop solar systems have been installed under the PM Surya Ghar Muft Bijli Yojana, with 75% of the total 0.33 million installations happening in the past three months.

Joshi also discussed progress in green hydrogen initiatives, including the award of 1,500 MW of electrolyser manufacturing capacity under the National Green Hydrogen Mission. This will support the goal of achieving 5 MMT of green hydrogen manufacturing capacity annually and establishing 0.45 million MTPA of green hydrogen production capacity. Additionally, similar efforts are underway to promote green ammonia production.