Under the PM SuryaGhar Yojana, which aims to facilitate the installation of 10mn solar panels, the Indian government has managed 850,000 installations in the first year, Union Minister Pralhad Joshi said at an event in New Delhi on January 29.

He said that India has already achieved almost 100GW of solar capacity and is set to add 50GW of new renewable capacity annually in the coming years. In the last ten years, India’s installed renewable capacity has surged by almost 200%, from 75.52GW in 2014 to 220GW today. Additionally, he pointed out that the tariff for grid-connected solar power plants has decreased by 80%, from INR10.95 ($0.13) per unit in 2010-11 to just INR2.15 per unit.

India is on track to achieve 500GW of non-fossil fuel capacity by end of this decade, with an even more ambitious target of 1,800GW by 2047, he said.

As India’s energy demand is expected to double by 2032, the Minister highlighted the need of even higher RE financing to meet 50% of expected rise in demand through renewable energy. Union Minister Joshi also said that the Ministry is working towards ironing out the bottlenecks in RE sector by engaging more with stakeholders, and in this regard, Minister of New and Renewable Energy (MNRE) will hold further consultations.

He also highlighted the strong investor confidence in India's renewable energy sector, citing that at the 4th RE-Invest event of MNRE in Gandhinagar in Gujarat, investment commitments worth $375bn were made. The minister said that pledges for 540GW of solar and wind capacity were also made at the 4th RE-Invest event.

Speaking about green hydrogen, the minister reiterated that India has been quick to recognise its potential and is now regarded as a global leader in this field. The SIGHT programme, which focuses on electrolyser manufacturing and green hydrogen production, is expected to further drive innovation and industrial growth in this segment, Joshi stated.