Union Minister Pralhad Joshi said on Thursday that the rapidly growing renewable energy sector will provide momentum to the Indian economy in the coming years, reported the Press Trust of India.
Addressing the BNEF Summit in New Delhi, the New & Renewable Energy Minister highlighted the Modi government’s steps to promote the renewable sector.
“A sector growing so rapidly will provide momentum to India’s growing economy. India has created a competitive industry structure in renewables,” the minister said.
He noted that the cost of solar power in India is among the cheapest in the world, saying that this is also because we get a good number of sunny days.
Policy Matters
The key to decarbonizing India’s electricity sector is meeting all incremental demand from non-fossil fuel sources.
For this to happen, success in creating large-scale grid storage is essential, he pointed out.
A policy to promote pumped storage projects in India is planned to store excess electricity, facilitate the integration of renewable energy into India’s energy mix, and accelerate the development of PSP projects.
“We are also implementing a PLI Scheme for High-Efficiency Solar PV Modules with an outlay of ₹24,000 crore,” he said.
Under the scheme, Letters of Award have been issued to set up 48,337 megawatt of fully and partially integrated manufacturing capacity of solar PV modules.
He also said that India is indeed moving steadily towards a green economy, and in our pursuit, it needs support from all stakeholders.
He urged the industry to reach out to the government for any feedback regarding making the sector more competitive and yielding.
Renewed Vigor
The minister noted that India’s installed renewable energy capacity has witnessed a 165 percent increase in 10 years from 75.52 GW to over 203 GW now.
The total RE generation in India has increased from 193.50 billion units to 360 BU in 2023-24, an increase of 86 percent.
“So, under PM Modi ji, we have not only generated electricity at cheaper rates but also brought the tariff down by 76 percent for Grid-connected solar power plants (from Rs 10.95 during 2010-11 to Rs 2.60 during 2023-24),” he said.
The minister said that around 6.7 GW of solar module manufacturing capacity has been added to the Approved List of Models and Manufacturers during this time.
“More than 2.5 lakh rooftop solar systems have been installed under the PM Surya Ghar Muft Bijli Yojana ever since I am heading this Ministry,” he noted.
Out of 3.28 lakh total installations, more than 75 percent have happened during these three months, he stated.
Mission Hydrogen
During this time, Joshi said the second tranche of capacity for electrolyzer manufacturing under the National Green Hydrogen Mission has been awarded to 11 companies with a total capacity of 1,500 MW.
It will result in the deployment of 1.5 GW per annum of domestic electrolyzer manufacturing capacity in the country.
He opined that it would help achieve the target of 5 MMT per annum of Green Hydrogen manufacturing capacity in the country.
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