Shri Pralhad Joshi, Union Minister, New and Renewable Energy, said that this is not just an energy transition for India; it’s a global reset. Speaking at the inaugural Indian Venture and Alternate Capital Association’s Renewable Energy Summit, he said that India is leading the way and has already surpassed 44% non-fossil fuel capacity, achieving its 2030 target five years ahead of schedule.

“With 245GW of non-fossil capacity installed – including 117GW of solar and 51.7GW 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 pointed out.

Shri Joshi added that in FY2024-25 alone, India added nearly 30GW of renewable capacity – the highest ever in a single year. Solar energy led the way with a record 23.83GW added, while wind installations surpassed 50GW cumulatively.

He pointed to key initiatives like the National Green Hydrogen Mission, the 30GW hybrid renewable energy park in Gujarat’s Kutch, and the waste-to-energy plant in Ahmedabad.

Investors are excited too. “In 2024 alone, 83% of all power sector investments in India went into renewables, drawing $2.4bn in global development finance,” said Shri Joshi. “In just Q1 of 2025, clean energy investments surged to $9.8bn, a 7.7-times increase year-on-year.”