Renewable Energy set to dominate Indian power industry: Prashant Kumar Singh
The renewable energy sector is
set to dominate the Indian power industry in the coming years, stated Prashant
Kumar Singh, Secretary of the Ministry of New and Renewable Energy. He was
speaking at the Brainstorming Conclave organized by the Central Electricity
Authority on the Indian Power Sector Scenario by 2047 in New Delhi. He
mentioned that RE capacity, which was 76 GW in 2014, is now almost 210 GW, and
achieving 500 GW by 2030 is within reach.
Prashant Kumar
Singh highlighted that a major part of this growth in RE will come from the
solar sector. Solar capacity has surged from a mere 2.6 GW in 2014 to an
impressive 91 GW today, with projections indicating it could reach close to 300
GW by 2030. Initiatives such as PM Surya Ghar and PM KUSUM are driving this
demand, complemented by rapid advancements in manufacturing capabilities. Solar
power module manufacturing, which stood at 2 GW in 2014, has surged to 60 GW
and is expected to surpass 100 GW by 2030.
He also highlighted the excellent growth of the solar
cell manufacturing sector from 1 GW in 2014 to an estimated 8-10 GW today. By
the end of March 2025, it is projected to reach 20 GW, with a target of over 70
GW by 2030. Between 2014 and 2023, investments in the RE sector have totalled
₹8.5 lakh crore. At the recent ReInvest event of MNRE, financial institutions,
including public sector banks, pledged ₹25 lakh crore in support of RE projects
through 2030.
Secretary PK Singh also emphasized the importance of
initiatives such as the Production-Linked Incentive (PLI) scheme and the Green
Hydrogen Mission in the RE sector. He urged the industry to collaborate on
advancing the Green Hydrogen sector in the country. India has set a target of
7.7 metric tonnes of green hydrogen by 2030, alongside establishing 15 GW of
electrolyser capacity. Singh also noted advancements in research and
development, highlighting the National Physical Laboratory's development of a
reference solar cell—a significant milestone for the sector.
The Brainstorming Conclave by the Central Electricity
Authority on the Indian Power Sector Scenario by 2047 was inaugurated today by
Union Minister of Power Manohar Lal Khattar in New Delhi. Union Minister of
State for Power & New and Renewable Energy Shripad Y Naik also addressed
the event. The conclave involves policymakers, government leaders, ministers,
senior officials from Central and State Governments, industry experts,
distinguished guests, and other stakeholders. The event aims to provide a
unique platform for knowledge exchange, networking, and collaboration towards a
sustainable and resilient power sector.