Page 55 - Policy Economic Report - July 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

C. Fossil vs Non-Fossil Energy Share in Installed Capacity as on 30.06.2025

Sector Capacity (in GW) Percentage
Thermal 242.04 GW (49.92%)
Non-Fossil Fuel (RE+ LH + Nuclear) 242.78 GW (50.08%)
Total 484.82 GW (100%)

July 2025 NCPRE’s pioneering work in high-efficiency, low-cost Silicon-Perovskite Tandem Solar Cells is a game-
changer for India’s solar energy future: Union Minister Shri Pralhad Joshi

Union Minister for New and Renewable Energy and Consumer Affairs, Food and Public Distribution Shri
Pralhad Joshi visited the National Centre for Photovoltaic Research and Education (NCPRE) in IIT Bombay
and held an interactive meeting with its Investigators and Advisory Board Members. Shri Joshi visited the
Perovskite Tandem solar cell lab, Silicon Fab laboratory and Medium voltage Laboratory at NCPRE and
interacted with the scientists. IIT-Bombay-incubated startup - Advanced Renewable Tandem-
Photovoltaics India (ART-PV India) has developed a 4-Terminal Silicon/CdTe-Perovskite tandem solar cell
with a conversion efficiency of 29.8%. This is a national milestone and one of the highest performance
levels ever achieved in India.

NCPRE was launched at IIT Bombay in 2010 with funding from the Ministry of New and Renewable Energy
(MNRE) of the Government of India. The broad objectives of NCPRE are to provide R&D and education
support for India’s ambitious 100 GW solar mission. Till date, MNRE has provided over Rs 200 crore
funding to NCPRE, IIT Bombay, over the last 15 years.

MNRE is also supporting ART-PV India with $10 million (~ Rs 83 crore) for establishing a state-of-the-art
pilot manufacturing facility in IIT-B campus, in line with the commitment to nurturing domestic Intellectual
Property, and ensuring Indian innovation reaches global markets. MNRE will continue to provide policy
and financial support to ensure India’s RE sector thrives on innovation and self-reliance, said Union
Minister Shri Pralhad Joshi.

Speaking at a post-visit media interaction, Union Minister Shri Pralhad Joshi stated, "Ministry of New and
Renewable Energy is proud to support NCPRE’s pioneering work in high-efficiency, low-cost Silicon-
Perovskite Tandem Solar Cells, a game-changer for India’s solar energy future.” At a time when the world
is seeking efficient, affordable, and scalable solar energy solutions, this innovation gives India a leadership
edge, further stated Union MNRE Minister. This technology has the potential to achieve more than 30%
efficiency, far surpassing conventional solar panels, making India a global leader in next-gen photovoltaics
and by investing in such innovations, we are driving down the cost of solar energy, making it more
accessible for all Indians, he added. This is not just a lab-scale breakthrough, it is a blueprint for clean,
scalable, and Aatma nirbhar energy production, stated Shri Joshi. In this context, Union Minister Shri Joshi
also said, India is not just adopting renewable energy but defining its future—through research in
perovskite solar cells, Inverter technology, PV-reliability, green hydrogen, and energy storage.

Shri Pralhad Joshi said, the Union Ministry of New and Renewable Energy (MNRE) is committed to
advancing cutting-edge renewable energy technologies under the vision of Aatmanirbhar Bharat, ensuring

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