Renewable Energy Sector Poised to Lead India's Power Industry in the Upcoming Years: MNRE Secy

16 Oct 2024

Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy, said on Monday that the renewable energy sector is poised to lead the Indian power industry in the years ahead. He made this remark during a brainstorming conclave hosted by the Central Electricity Authority, focusing on the future of the Indian power sector by 2047 in New Delhi. He highlighted that renewable energy capacity, which stood at 76 GW in 2014, has now nearly reached 210 GW, and achieving 500 GW by 2030 is attainable.

Singh highlighted that a significant portion of this growth in renewable energy will stem from the solar sector. He noted that solar capacity has skyrocketed from just 2.6 GW in 2014 to an impressive 91 GW today, with forecasts suggesting it could approach 300 GW by 2030. Initiatives like PM Surya Ghar and PM Kusum are fuelling this demand, along with swift advancements in manufacturing capabilities. Solar power module manufacturing, which was at 2 GW in 2014, has surged to 60 GW and is anticipated to exceed 100 GW by 2030.

He emphasised the impressive growth of the solar cell manufacturing industry, which expanded from 1 GW in 2014 to an estimated 8-10 GW today. By the end of March 2025, it is anticipated to reach 20 GW, with a goal of exceeding 70 GW by 2030. From 2014 to 2023, investments in the renewable energy sector have amounted to ?8.5 lakh crore. At the recent ReInvest event hosted by MNRE, financial institutions, including public sector banks, committed ?25 lakh crore to support renewable energy projects through 2030.

The official also highlighted the significance of initiatives like the production-linked incentive (PLI) scheme and the Green Hydrogen Mission within the renewable energy sector. He encouraged industry collaboration to further develop the green hydrogen sector in India, which aims to produce 7.7 metric tonnes of green hydrogen by 2030 and establish 15 GW of electrolyser capacity. Singh also pointed out progress in research and development, particularly the National Physical Laboratory's creation of a reference solar cell, marking a crucial achievement for the industry.