Image Source: FICCI

The renewable energy (RE) sector is set to become the cornerstone of India’s 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 organized by the Central Electricity Authority, Singh emphasized that India is on track to achieve a remarkable increase in renewable energy capacity, from 76 GW in 2014 to a projected 500 GW by 2030.

Surge in Solar Energy Capacity

Singh highlighted the substantial growth of the solar energy sector, which has skyrocketed from just 2.6 GW in 2014 to nearly 91 GW today. He expressed optimism that solar capacity could approach 300 GW by 2030, driven by government initiatives such as PM Surya Ghar and PM KUSUM, as well as advancements in manufacturing capabilities. Solar power module manufacturing has experienced a similar surge, growing from 2 GW in 2014 to 60 GW, with expectations to exceed 100 GW by the end of the decade.

The Secretary also pointed to significant progress in the solar cell manufacturing sector, which has expanded from 1 GW to an estimated 8-10 GW today. With a target of reaching 20 GW by March 2025 and over 70 GW by 2030, this growth reflects the broader momentum in renewable energy investments, which have totaled ₹8.5 lakh crore between 2014 and 2023. At the recent ReInvest event, public sector banks pledged an impressive ₹25 lakh crore to support renewable energy projects through 2030.

Focus on Green Hydrogen and Innovation

Singh underscored the importance of strategic initiatives like the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission. He called on industry stakeholders to collaborate in advancing the Green Hydrogen sector, with a national target of producing 7.7 metric tonnes of green hydrogen and establishing 15 GW of electrolyser capacity by 2030.

Additionally, Singh announced advancements in research and development, notably the National Physical Laboratory's creation of a reference solar cell, marking a significant milestone for the sector.