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Jeet B Bhayani (SEBI RA)

29th Oct · SEBI-Registered Analyst

India has become the fourth-largest renewable energy producer globally, with an installed capacity of 257 GW, which is a threefold rise from 81 GW in 2014, as stated by Union Minister for New & Renewable Energy, Mr. Pralhad Joshi. During the eighth session of the International Solar Alliance Assembly, he emphasized that India’s solar capacity skyrocketed from 2.8 GW in 2014 to 128 GW by 2025. The capacity for solar module production has increased from 2 GW to 110 GW, and solar cell manufacturing has risen from none to 27 GW. He remarked that, under Prime Minister Mr. Narendra Modi's leadership, India met its Nationally Determined Contribution goal of 50% capacity from non-fossil sources five years ahead of the planned timeline. The nation’s renewable energy rates, such as solar, battery, and green ammonia, rank among the lowest in the world. He noted that the International Energy Agency anticipates India will emerge as the world's second-largest market for renewables. Simultaneously, the International Renewable Energy Agency acknowledges India as a leader in energy transition. India is also set to provide Rs. 221 crore (US$ 25 million) will be allocated to the Africa Solar Facility within the International Solar Alliance to promote mini-grids and decentralized renewable projects, strengthening its dedication to fair clean energy advancement throughout the Global South.

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