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RE sector set to dominate Indian power industry: Secretary

Published: Oct 15, 2024

By TIOLCorplaws News Service

NEW DELHI, OCT 15, 2024: 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 P.K. 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.

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