India has made remarkable progress in its renewable energy goals, with over 850,000 rooftop solar installations completed under the PM-Surya Ghar initiative. Speaking at FICCI’s 3rd India Energy Transition Summit, Union Minister for New & Renewable Energy Pralhad Joshi reaffirmed the government’s commitment to achieving 500 GW of renewable energy capacity by 2030 and a long-term vision of 1,800 GW by 2047. He emphasized India’s rapid transition, highlighting that the country’s renewable energy capacity has grown from 75 GW in 2014 to over 220 GW today.
Joshi stressed the importance of energy security, policy stability, and financial support in driving this transformation, including green hydrogen initiatives. He assured that the government is actively addressing challenges such as financing, policy implementation, and land acquisition through regular stakeholder consultations. The Minister reiterated that India is on track to becoming a global leader in renewable energy, with continuous efforts to accelerate the clean energy transition.
Highlighting the financial roadmap for India’s energy transition, M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, outlined a ₹33 lakh crore investment plan, with ₹10 lakh crore sourced from public sector banks and the remaining ₹23 lakh crore from private investments, green bonds, and structured debt solutions. Industry leaders echoed their commitment to supporting the government’s renewable energy targets. Shivanand Nimbargi, Chair of FICCI Renewable Energy CEOs Committee and MD & CEO of Ayana Power, assured full industry support in achieving the 500 GW target, while Vipul Tuli, Chair of FICCI Power Committee, emphasized the role of energy transition in India’s economic growth and investment opportunities.
The summit also marked the launch of FICCI’s report, Powering India’s Energy Transition: Strategies to Accelerate Renewable Integration and Decarbonization. Vishal Mehta, Managing Director & Partner at BCG, highlighted that wind projects are becoming crucial due to India’s evolving energy demand and projected an annual requirement of ₹1.5-2 lakh crore in debt financing and ₹75,000-80,000 crore in equity to meet the 50 GW renewable energy target.
The two-day summit, organized by FICCI, provided a strategic platform for discussions on renewable energy expansion, energy storage, green hydrogen, and financing mechanisms. With a focus on accelerating clean energy adoption and fostering public-private partnerships, the event reinforced India’s position as a global leader in the renewable energy transition.
