India's Renewable Energy Sector to Lead Power Industry by 2047, Says MNRE Secretary at High-Level Conclave

Shri Singh highlighted India's rapid progress in renewable energy capacity, which has grown from 76 GW in 2014 to nearly 210 GW today.

At the Brainstorming Conclave organized by the Central Electricity Authority on the Indian Power Sector Scenario by 2047, Shri Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy (MNRE), emphasized the dominant role of renewable energy (RE) in shaping India's power industry in the coming decades. The event, held in New Delhi, focused on the future of India's energy landscape as the country sets ambitious targets for 2047.

Shri Singh highlighted India's rapid progress in renewable energy capacity, which has grown from 76 GW in 2014 to nearly 210 GW today. With a target of 500 GW by 2030, he expressed confidence in India's ability to achieve this milestone, largely driven by the solar energy sector. Solar capacity, which stood at 2.6 GW in 2014, has soared to 91 GW and is expected to reach approximately 300 GW by 2030.

Government initiatives like PM Surya Ghar and PM KUSUM are fueling the demand for solar energy, supported by the country's growing manufacturing prowess. Solar module manufacturing capacity has risen from 2 GW in 2014 to 60 GW today, and is expected to surpass 100 GW by the end of the decade. Likewise, the solar cell manufacturing sector has expanded from 1 GW in 2014 to an estimated 8-10 GW today, with projections of reaching 20 GW by March 2025 and over 70 GW by 2030.

From 2014 to 2023, India attracted investments worth ₹8.5 lakh crore in renewable energy. At the recent ReInvest event organized by the MNRE, financial institutions, including public sector banks, pledged an additional ₹25 lakh crore for RE projects through 2030, further bolstering India’s energy transition efforts.

Shri Singh also underscored the significance of the Production-Linked Incentive (PLI) scheme and the Green Hydrogen Mission in advancing India’s renewable energy ambitions. The country aims to produce 7.7 million metric tonnes of green hydrogen by 2030 and establish 15 GW of electrolyser capacity. Additionally, the National Physical Laboratory's recent development of a reference solar cell marks an important step in research and development for the sector.

The Brainstorming Conclave, inaugurated by Union Minister of Power Shri Manohar Lal Khattar, gathered policymakers, industry experts, senior officials from central and state governments, and other key stakeholders. The event, also addressed by Union Minister of State for Power and New and Renewable Energy Shri Shripad Y. Naik, provided a platform for discussions on advancing India's power sector toward sustainability and resilience.

As India continues to lead in renewable energy growth, the collaboration between the government, financial institutions, and industry will be key in realizing the country's long-term vision for a green and sustainable energy future.