In a recent address to the Lok Sabha, Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy, Mr. Pralhad Joshi, shared significant updates on India’s renewable energy progress and future goals. He announced that India is currently generating over 200 GW of renewable energy, with projects in the pipeline expected to produce an additional 430 GW. This ambitious initiative aligns with the Centre’s efforts to promote and accelerate renewable energy capacity, aiming to achieve 500 GW of installed capacity from non-fossil sources by 2030.

Massive Increase in Renewable Energy Projects

Mr. Joshi outlined that 150 GW of new capacity will soon be added as projects progress through various stages of implementation. Additionally, tenders for an extra 76 GW are underway, bringing the total pipeline to 430 GW. This strategic expansion is a testament to India's commitment to transitioning towards a more sustainable and environmentally friendly energy sector.

Investment Surge in Renewable Energy

Highlighting the dramatic increase in investment, Mr. Joshi noted that before Prime Minister Mr. Narendra Modi’s government took office in 2014, only US$ 715.1 million (Rs. 6,000 crore) had been spent on renewable energy. In the past decade, this figure has soared to US$ 4.40 billion (Rs. 36,950 crore), representing a 500% increase. The current budget has allocated US$ 2.50 billion (Rs. 21,000 crore) for renewable energy, with plans to raise investment to US$ 19.07 billion (Rs. 1.60 lakh crore) in the coming years.

Supportive Measures for Renewable Energy Development

Several supportive measures have been introduced to facilitate the growth of renewable energy in India. These include waiving Inter-State Transmission System (ISTS) charges for solar and wind power projects commissioned by June 30, 2025, Green Hydrogen Projects until December 2030, and offshore wind projects until December 2032. Additionally, 100% Foreign Direct Investment (FDI) is allowed under the automatic route for renewable energy projects, and the Union Cabinet has approved the Viability Gap Funding (VGF) scheme for installing and commissioning 1 GW of offshore wind energy projects.

Focus on Solar and Wind Power

Mr. Joshi highlighted the government's focus on solar and wind power as key components of the renewable energy strategy. The significant increase in solar power capacity, alongside the expansion of wind energy projects, underscores India’s commitment to harnessing these abundant natural resources. The ISTS charges waiver is particularly beneficial for these projects, reducing the cost burden and encouraging further investment.

International Collaborations and Investments

With 100% FDI allowed in the renewable energy sector, India is attracting substantial international investment. This policy facilitates easier and more significant investments from global entities, accelerating the growth of renewable energy projects. The government's proactive approach in fostering a conducive environment for international collaborations is a crucial factor in achieving the ambitious 500 GW target.

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Green Hydrogen and Offshore Wind Projects

The extension of supportive measures for Green Hydrogen Projects and offshore wind projects signifies India’s dedication to diversifying its renewable energy portfolio. Green hydrogen, produced using renewable energy sources, presents a sustainable alternative to conventional fuels, contributing to the reduction of carbon emissions. Offshore wind projects, on the other hand, harness the vast potential of India’s coastal areas, providing a significant boost to the overall renewable energy capacity.

Conclusion: A Commitment to Sustainable Growth

Union Minister Pralhad Joshi’s announcement reflects India’s unwavering commitment to sustainable growth and environmental stewardship. The strategic investments, supportive measures, and ambitious targets underscore the country’s proactive approach to combating climate change and transitioning to a greener economy. As India continues to progress towards its 500 GW renewable energy capacity goal by 2030, it sets a precedent for other nations to follow, demonstrating that large-scale renewable energy adoption is both achievable and beneficial for the environment and economy.

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