India is making significant progress in the field of renewable energy, currently ranking 4th globally in installed capacity for renewable energy, wind power, and solar power. The country has approved 50 solar parks with a combined capacity of 37,490 MW, and is taking aggressive steps towards achieving its ambitious “Panchamrit” pledge, which includes reaching 500 GW of non-fossil electricity capacity, reducing emissions by 1 billion tonnes by 2030, and committing to net-zero emissions by 2070.
India is already seeing a shift towards a greener economy, with around 44 per cent of its energy coming from non-fossil sources and the potential to touch 65 per cent by 2030. The country is also looking to create 35 million green jobs by 2047, with a surge in hiring within the renewable energy sector. The solar and wind energy industries alone added close to 53,000 workers in project development roles in 2021-22.
To meet its target of 500 GW by 2030, India needs to ramp up its manufacturing capacity for solar energy. Companies like Adani Solar, Tata Solar Power, Vikram Solar, and Emmvee are leading the way in solar manufacturing, creating thousands of jobs in the process. Adani Solar aims to establish a 10 GW manufacturing ecosystem in Gujarat by 2027, while Tata Solar Power has shipped over 3 GW of solar modules worldwide.
The current fiscal year has seen significant growth in solar energy, constituting 18.66 per cent of the overall installed power capacity. The Adani Group alone has an operational capacity of 10.93 GW and plans to add more in the coming years. Policy reforms and production-linked incentives are set to boost local manufacturing of green products, with initiatives like the LiFE Mission and the government’s “Panchamrit” plan shaping the direction of green growth in India.
Overall, India’s commitment to renewable energy and green growth is expected to unlock significant value by 2030 and beyond. With a focus on sustainable living, reducing emissions, and leading global initiatives like the International Solar Alliance, India is well positioned to become a key player in the global transition towards a greener future.
