India to achieve 500 GW of RE capacity by 2030 with ₹30 lakh cr investment: Minister Joshi

The Power Minister emphasised that renewable energy is a major priority for the government, as reflected by the budget allocation for this sector being doubled to over ₹ 20,000 crore.

Achieving the country’s goal of 500 GW of renewable energy capacity by 2030 will likely require an investment of up to ₹ 30 lakh crore, Union Minister Pralhad Joshi stated in the Rajya Sabha on Tuesday. He emphasised that renewable energy is a major priority for Prime Minister Narendra Modi’s government, as reflected by the budget allocation for this sector being doubled this year to over ₹ 20,000 crore.

Joshi further said that the budget proposals would create employment opportunities in the renewable energy sector, reduce dependence on fossil fuels and mitigate climate change, enhance energy security and reduce carbon emissions, thereby promoting sustainable development. “We must seize this opportunity to transform India into a global leader in renewable energy,” he said.

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Since 2014, the country has increased the capacity of renewable energy by 165 percent — from 76.38 gigawatts (GW) in 2014 to 203.1 GW in 2024. “We have crossed 200 GW capacity from non-fossil fuel sources, that includes 85.47 GW of solar power, 46.93 GW of large hydro, 46.66 GW of wind power, 10.95 GW of bio power and 5 GW small hydro power,” he added.

Joshi further said, “The installed capacity of solar and wind power had increased and the share of thermal sources had come down. India has achieved fourth position globally in renewable energy installed capacity.”