Renewable energy sector to provide momentum to Indian economy: Pralhad Joshi

Momentum in Indian Economy: Union Minister Pralhad Joshi on Thursday said the rapidly growing renewable energy sector will provide momentum to the Indian economy in the years to come.

Addressing the BNEF Summit here, the New & Renewable Energy Minister highlighted the steps being taken by the Modi government to promote the renewable sector.

"A sector growing so rapidly will definitely 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.

The key to the decarbonisation of India's electricity sector lies in being able to meet 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 being 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 Rs 24,000 crore," he said.

Under the scheme, Letters of Award have been issued for setting up 48,337 MW of fully and partially integrated manufacturing capacity of high-efficiency solar PV modules. He also said that we are indeed moving steadily towards a green economy and in our pursuit, we need 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.

The minister noted that India's installed renewable energy capacity has witnessed a 165 per cent increase in 10 years from 75.52 GW to more than 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 per cent.

"So, under PM Modi ji, we have not only generated electricity at cheaper rates but also brought the tariff down by 76 per cent for Grid-connected solar power plants (from Rs 10.95 during 2010-11 to Rs 2.60 during 2023-24)," he said.

Around 6.7 GW of solar module manufacturing capacity has been added to the Approved List of Models and Manufacturers during this time, the minister said.

"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 per cent have happened during these 3 months, he stated.

During this time, the second tranche of capacity for electrolyser manufacturing under the National Green Hydrogen Mission has been awarded to 11 companies total capacity of 1,500 MW has been awarded, Joshi said.

This will result in the deployment of 1.5 GW per annum of domestic electrolyser manufacturing capacity in the country.

It will help achieve the target of 5 MMT per annum of Green Hydrogen manufacturing capacity in the country, he opined.

Also, scheme guidelines for implementation of the Strategic Interventions for Green Hydrogen Transition (SIGHT) Programme were issued and the Request for Selection was floated.

This will help in creating 4.5 lakh MTPA of Green Hydrogen production capacity in the country. A similar Request for selection was issued for green ammonia, he stated.