India’s energy transition is strategically aimed at driving industrial growth, job creation, and global competitiveness, especially for emerging economies, as highlighted by Union Minister for New and Renewable Energy, Pralhad Joshi. Speaking at the World Economic Forum Annual Meeting in Davos, Joshi emphasized that India, under Prime Minister Narendra Modi’s leadership, has successfully integrated clean energy transition into a people-centric development initiative while enhancing energy security and reducing costs for industries. With 267 GW of non-fossil energy capacity already in place, renewables now constitute about 52% of India’s total installed power capacity, surpassing previous projections.
The Minister stressed that India perceives the energy transition not just as an environmental necessity but as a catalyst for growth, facilitating rapid industrialization and making electricity more accessible for both businesses and households. Noteworthy decentralized renewable energy programs like PM Surya Ghar: Muft Bijli Yojana have enabled the installation of rooftop solar systems in 2.7 million households, with a target of 10 million households, expected to generate approximately 30 GW of power. Additionally, initiatives like PM-KUSUM have solarized over 2.1 million farmers’ irrigation pumps, reducing reliance on subsidized grid power and allowing farmers to earn extra income by selling surplus electricity.
These initiatives not only provide affordable energy but also empower consumers to become ‘prosumers,’ thereby enhancing household incomes and rural livelihoods. By transitioning from high-cost subsidized electricity to cost-effective solar power, savings have led to reduced tariffs for industries and households, marking a significant transformation in India’s power sector. The Minister also highlighted India’s robust domestic manufacturing base in the renewable energy sector, with substantial capacities in solar module and cell manufacturing, alongside plans for expanding the manufacturing cycle to include wafers and ingots.
India’s focus extends beyond solar to encompass wind energy, battery storage, and pumped storage solutions, crucial for ensuring grid stability and reliability. These endeavors not only fortify India’s clean energy supply chains but also create substantial employment opportunities and enhance the country’s industrial competitiveness. In bilateral engagements, Minister Joshi discussed enhanced cooperation and investment partnerships with officials from Jordan and Zimbabwe, emphasizing deepening renewable energy collaboration. Meetings with international counterparts also explored avenues for strengthening data analysis and policy recommendations specific to India, as well as innovative financing approaches to reduce capital costs.
