New Delhi: Renewable energy, more particularly, is one of the key drivers for economic growth and a cornerstone of its strategy to decarbonize the electricity sector, Union Minister for New and Renewable Energy Pralhad Joshi said at the BNEF Summit.
Joshi pointed out that the exponential growth of renewable energy would provide a major fillip to the Indian economy in the next few years. Over the past few years, the government has been formulating a number of projects for renewable energy promotion in order to create an attractive industry structure.
Key Initiatives and Achievements
The renewable energy sector in India has grown extraordinarily during the Modi regime. In this regard, solar power is one of the most cost-effective sources in India; therefore, it is considered naturally gifted due to the highly sunny days experienced within the country.
In value creation, in the further decarbonization of the electricity sector, the focus lies on meeting all incremental demand through sources other than fossil fuel sources. This would include, among others, the challenge of integrating large-scale renewable energies into the grid. On this count, large-scale grid storage solutions are one of the success factors.
Policy and Infrastructure Development
The government is now working on a new policy to encourage PSPs to deal with surplus electricity and greater integration of renewable energy. In another related development, the Centre has issued a PLI scheme for Rs 24,000 crore in order to achieve higher efficiency in solar PV modules. This has resulted in LoA being issued for 48,337 MW of manufacturing capacity for high-efficiency solar PV modules.
In fact, installed renewable energy capacity has grown at an incredible 165 percent over the last decade, surging from 75.52 GW to over 203 GW. The total renewable energy generation also increased 86 percent from 193.50 billion units to 360 billion units during the 2023-24 fiscal year.
Reduction in Solar Power Tariffs
Under the Modi government, the tariff for grid-connected solar power has nosedived from Rs 10.95 per unit in 2010-11 to Rs 2.60 per unit in 2023-24-a fall of 76 percent. This reducing price brings out the determination of the government to achieve the goal of making renewable energy cheaper and widespread.
Solar Module Manufacturing and Hydrogen Capacity Expansion
The expansion plans of the solar industry also involve additions of 6.7 GW to the ‘Approved List’ for the manufacturing capacity of solar modules. In addition, more than 2.5 lakh rooftop solar systems are installed under the PM Surya Ghar Muft Bijli Yojana, and more than 75 percent of this installation has happened in the last three months.
Its outreach to fulfill this mission has also meant the awarding of the second tranche of 1,500 MW of electrolyser manufacturing capacity to 11 firms by the government. This would further help in achieving the ambition of 5 MMT of annual green hydrogen manufacturing capacity.
Guidelines for the Strategic Interventions for Green Hydrogen Transition Programme have been released, and the Request for Selection has been floated. These moves will scale up the green hydrogen sector to meet the commitment towards transition to a greener future.
Conclusion
Huge investments and policy plans are put into operation within the renewable energy sector, which is one of the fast-developing fields in India, for further enhancement in its growth and efficiency. In this respect, the emphasis on decarbonization, grid storage, and solar and hydrogen technologies will soon place India as a leading role-player in the global renewable energy market with economic development and sustainability.
-Sources: Statements of Union Minister for New and Renewable Energy Pralhad Joshi at the BNEF Summit and official government data.