Mumbai, 15 July 2025: The inaugural edition of the IVCA Renewable Energy Summit featured a power-packed address by Shri Pralhad Joshi, Union Minister, New and Renewable Energy, Government of India. Speaking to a global and domestic audience of investors, regulators, cleantech developers, and fund managers, the Minister drew attention to the Government of India’s forward-looking policies on renewable energy and how the country is leading the global energy transition.
“This is not just an energy transition for us; it is a global reset — and India is leading the way. We have already surpassed 44% non-fossil fuel capacity, achieving our 2030 target five years ahead of schedule. With 245 GW of non-fossil capacity installed — including 117 GW of solar and 51.7 GW of wind — India today stands as a renewable energy powerhouse. Solar tariffs have fallen nearly 80%, making clean energy not only sustainable, but also more cost-effective than conventional sources,” he said.
Shri Joshi added that in FY 2024–25 alone, India added nearly 30 GW of renewable capacity—the highest ever in a single year. Solar energy led the way with a record 23.83 GW added, while wind installations surpassed 50 GW cumulatively. “This remarkable growth reflects our steady progress toward achieving 500 GW of non-fossil fuel capacity by 2030,” he said.
He pointed to key initiatives like the National Green Hydrogen Mission, with an outlay of ₹19,744 crore, aimed at positioning India as a global hub for hydrogen production, usage, and exports. Other highlights included the 30 GW hybrid renewable energy park in Gujarat’s Kutch and the largest waste-to-energy plant in Ahmedabad, demonstrating India’s capacity to scale innovative, sustainable solutions.
Shri Joshi also spotlighted the strong conviction of investors in the nation’s renewable energy sector. “In 2024 alone, 83% of all power sector investments in India went into renewables, drawing $2.4 billion in global development finance. Since 2020, cumulative FDI has exceeded ₹1.6 lakh crore, including ₹42,000 crore in 2023—nearly double the pre-COVID levels. In just Q1 of 2025, clean energy investments surged to $9.8 billion (₹81,700 crore), a 7.7-times increase year-on-year,” he said.
From Left to Right: Shri Jayant Sinha, President, Eversource Capital; Senior Advisor, IVCA Climate & Sustainability Council; and Former Union Minister, Government of India; Shri Pralhad Joshi, Union Minister, New and Renewable Energy, Government of India; Aakriti Bamniyal, Senior Vice-President, IVCA and Rajat Tandon, President, IVCA
On India building the backbone of clean energy manufacturing, Shri Joshi noted, “Solar module production capacity has more than doubled—from 39 GW to nearly 91 GW—while solar cell capacity grew from 11 GW to 25 GW, reducing import dependency and boosting self-reliance. Under the Pradhan Mantri Surya Ghar Muft Bijli Yojana, over 16.5 lakh households have benefited, with more than 15 lakh rooftop solar installations in the past 12 months alone.”
Commenting on the road ahead, Shri Joshi said, “With over ₹3.8 lakh crore expected to flow into India’s renewable sector by 2026–27, now is the time to invest in the world’s fastest-growing clean energy economy. Investing in India’s renewable energy sector is not just sustainable, it is profitable, future-proof, and globally impactful.”
