BIZ DESK
New and Renewable Energy Minister Pralhad Joshi said today that India is not only witnessing an energy revolution but also becoming the renewable energy capital of the world. Addressing the 5th CII International Energy Conference and Exhibition in New Delhi, the Minister said that the country is currently one of the world’s most promising nations in the clean energy space.
He added that between April and November of the current financial year, India added nearly 15 gigawatt of renewable energy capacity, almost double the 7.54 gigawatt added during the same period last year. Mr. Joshi reiterated the government’s commitment to achieving 500 gigawatt of non-fossil fuel-based capacity by 2030.
The Minister also outlined several key steps taken by the government to boost the growth of the Renewable Energy sector in the country.
The Minister also outlined several key steps taken by the Union Government to boost the growth of RE sector in India such as the introduction of the Production-Linked Incentive (PLI) scheme, with an outlay of ₹24,000 crore, aimed at boosting domestic manufacturing of solar panels and modules. The Minister also mentioned the ongoing initiative to establish 50 solar parks, with a cumulative capacity of 38 GW by 2025-26.
Additionally, provisions have been made for the declaration of a trajectory for Renewable Purchase Obligation (RPO) up to the year 2029-30. Shri Joshi also said that PM Surya Ghar Muft Bijli Yojana is targeting 1 crore installations by 2026-27, with an outlay of ₹75,021 crore.
Union Minister Joshi also said that Ministry of New and Renewable Energy( MNRE) has organised REInvest in September 2024 and Chintan Shivir in November 2024 to boost the RE sector. Minister Joshi also said that a meeting is being planned in Mumbai in January with representatives of banks, industry and state government officials to find solutions to existing bottlenecks in the RE sector. He invited global leaders and industry stakeholders to partner with India in its journey toward a green and sustainable future.
Union Minister Pralhad Joshi also launched the CII-EY Energy Transition Investment Monitor Report at the event. The conference, themed “Global Dialogue on Energy Transformation” was attended by a distinguished gathering of industry leaders, policymakers, and experts.