India's Remarkable Progress in Renewable Energy Sector: A Path to Clean Energy Leadership
Key Ideas
  • India's renewable energy capacity addition has almost doubled to 15 GW during April-November, showcasing a commitment to achieve 500 GW of non-fossil fuel capacity by 2030.
  • The total installed capacity of non-fossil fuel-based energy in India has now reached 214 GW, signaling a significant 14% increase compared to the previous year.
  • The government's initiatives include attracting $6.1 billion in FDI, introducing the PLI scheme to boost solar manufacturing, setting up 50 solar parks, and empowering households through schemes like PM Surya Ghar Muft Bijli Yojana.
  • Under the Green Hydrogen Mission, significant investments have been made in electrolyser manufacturing and green hydrogen production, with tenders ongoing for green hydrogen and green ammonia production.
During the April-November period of the current fiscal year, India has witnessed a substantial increase in its renewable energy capacity addition, almost doubling to 15 GW compared to the previous year. Union Minister for New and Renewable Energy, Pralhad Joshi, highlighted the country's dedication to achieving 500 GW of non-fossil fuel capacity by 2030. The total installed capacity of non-fossil fuel-based energy has now reached 214 GW, reflecting a remarkable 14% surge from the previous year. Joshi emphasized the significant progress made in the renewable energy sector under the leadership of Prime Minister Narendra Modi, positioning India as a promising nation in the clean energy domain. Noteworthy initiatives include attracting $6.1 billion in Foreign Direct Investment (FDI), introducing the Production-Linked Incentive (PLI) scheme to bolster solar manufacturing, and establishing 50 solar parks. Moreover, the government is empowering households through schemes like PM Surya Ghar Muft Bijli Yojana, aiming for 1 crore installations by 2026-27. Joshi also shed light on the Green Hydrogen Mission, revealing substantial investments in electrolyser manufacturing and green hydrogen production. Ongoing tenders for green hydrogen and green ammonia production are set to further advance India's clean energy objectives. Joshi welcomed industry participation and suggestions on enforcing renewable purchase obligations and enhancing power transmission infrastructure for renewables. Proposals to strengthen the sector will be presented in the upcoming General Budget, with a call for industry inputs to the Ministry of Finance. The event also witnessed the unveiling of the CII-EY Report on Energy Transition Investment Monitor, showcasing India's progress towards a sustainable and green energy future.
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