India's Renewable Energy Sector Poised for Major Growth

New Delhi- The renewable energy sector is poised to lead the Indian power industry in the coming years, according to Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy. Speaking at a brainstorming conclave organized by the Central Electricity Authority in New Delhi, Singh stated that India's renewable energy capacity has nearly tripled from 76 GW in 2014 to reach almost 210 GW today. The nation is aiming to achieve a capacity of 500 GW by 2030, a target Singh believes is within reach.

Solar energy is expected to be a key driver of this growth. Solar capacity has increased from 2.6 GW in 2014 to 91 GW currently. Projections indicate that solar capacity could reach nearly 300 GW by 2030. Singh highlighted government initiatives like PM Surya Ghar and PM KUSUM, as well as advancements in manufacturing capabilities, as key factors driving this growth.

The solar module manufacturing sector, which had a capacity of 2 GW in 2014, has grown to 60 GW and is projected to exceed 100 GW by 2030. Similarly, solar cell manufacturing has grown from 1 GW in 2014 to an estimated 8-10 GW today. This sector is expected to reach 20 GW by the end of March 2025 and surpass 70 GW by 2030.

Singh also emphasized the significance of initiatives like the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission in promoting renewable energy. He urged industry stakeholders to collaborate on advancing the Green Hydrogen sector, highlighting India's target of producing 7.7 metric tonnes of green hydrogen by 2030 and establishing 15 GW of electrolyser capacity.

The conclave, inaugurated by Union Minister of Power Manohar Lal Khattar, brought together policymakers, government officials, industry experts, and stakeholders to discuss the future of India's power sector. The event aims to foster collaboration and knowledge sharing to achieve a sustainable and resilient power system by 2047.