New Delhi: The renewable energy (RE) sector is poised to dominate the Indian power industry in the coming years, according to Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy (MNRE). Speaking at the Brainstorming Conclave organised by the Central Electricity Authority on the Indian Power Sector Scenario by 2047 in New Delhi, he noted that RE capacity, which was 76 GW in 2014, has now almost reached 210 GW. Achieving the target of 500 GW by 2030 is within sight.
Singh emphasised that a significant portion of this growth will come from the solar sector. Solar capacity has surged from 2.6 GW in 2014 to an impressive 91 GW today, with projections indicating it could reach nearly 300 GW by 2030. Key initiatives like PM Surya Ghar and PM KUSUM are driving this demand, alongside rapid advancements in manufacturing capabilities. Solar power module manufacturing, which stood at 2 GW in 2014, has grown to 60 GW and is expected to surpass 100 GW by 2030.
He also pointed out the robust growth of the solar cell manufacturing sector, which increased from 1 GW in 2014 to an estimated 8-10 GW today. By the end of March 2025, this is expected to reach 20 GW, with a target of over 70 GW by 2030. Between 2014 and 2023, investments in the RE sector totalled ₹8.5 lakh crore. At the recent ReInvest event of MNRE, financial institutions, including public sector banks, pledged ₹25 lakh crore in support of RE projects through 2030.
Singh further highlighted the importance of initiatives such as the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission in advancing the RE sector. He called on the industry to collaborate in developing the Green Hydrogen sector in India. The country has set a target of 7.7 metric tonnes of green hydrogen by 2030, along with establishing 15 GW of electrolyser capacity. He also acknowledged progress in research and development, mentioning the National Physical Laboratory's development of a reference solar cell as a significant milestone for the sector.
The Brainstorming Conclave, inaugurated by Union Minister of Power Manohar Lal Khattar in New Delhi, also saw Union Minister of State for Power and New and Renewable Energy Shripad Y. Naik addressing the event. The conclave gathered policymakers, government leaders, ministers, senior officials from Central and State Governments, industry experts, and other stakeholders. It aims to provide a platform for knowledge exchange, networking, and collaboration towards a sustainable and resilient power sector.
BI Bureau
