India’s Union Minister of Power and Renewable Energy, Raj Kumar Singh, emphasized the country’s significant strides in the renewable energy sector, positioning India as one of the largest solar module manufacturers globally. The nation’s commitment to green hydrogen and fostering a robust ecosystem has propelled it to be a leader in renewable energy, with substantial wind energy manufacturing capacity and rapid growth in solar capacity.
India’s remarkable achievements in the renewable energy sector include surpassing its Nationally Determined Contributions (NDC) target of 40% capacity from renewable sources well ahead of the 2030 timeline. The government remains steadfast in its dedication to achieving the NDC goal of 50% capacity share from renewable energy, demonstrating India’s commitment to sustainable growth and environmental consciousness.
The country’s status as one of the fastest-growing economies in the world is coupled with significantly lower per capita greenhouse gas emissions than the global average. India is dedicated to achieving a harmonious balance between meeting its growing energy demands and reducing carbon emissions. By strategically aligning economic growth with environmental consciousness, India is determined to create a greener and brighter future for future generations.
Ramnath Krishnan, MD & Group CEO of Icra Ltd., praised India’s clean energy revolution, attributing it to strong policy support from the Government of India and increased tariff competitiveness in solar and wind power. He also lauded the recent announcement of a bidding trajectory of 50 GW per annum from FY2024 to FY2028, which supports the ambitious 500 GW non-fossil fuel-based capacity target set for 2030.
Krishnan emphasized the need for timely completion of tendering processes, risk mitigation during execution, and strengthening the domestic solar supply chain to successfully achieve capacity targets. He projected an estimated rise in the share of renewable energy plus hydro in India’s electricity generation mix, reaching around 40% by FY2030, up from the current 23% in FY2023. To address intermittency risks associated with higher renewable energy generation, Krishnan stressed the importance of developing cost-effective energy storage capacities.
India’s adoption of electric vehicles (EVs) has gained momentum due to proactive measures by the government and increased awareness among citizens about the environmental benefits. Krishnan highlighted substantial investments in charging infrastructure and the local vendor ecosystem, contributing to rapid EV adoption. ICRA estimates that e-2W penetration will reach 10-12% of new vehicle sales by FY2025, e-3W at 14-16%, and e-buses at 11-13%.
To sustain and accelerate EV adoption, continued technological advancements, reduced import dependence, wider consumer choices, and accessible financing options are vital. India is firmly committed to its journey towards a sustainable and green future, firmly positioning itself as a global leader in renewable energy and solar module manufacturing.
