Page 57 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

RE sector set to dominate Indian power industry in the coming years: MNRE Secretary Shri Prashant
Kumar Singh

The renewable energy sector is set to dominate the Indian power industry in the coming years, stated Shri
Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy. He was speaking at the
Brainstorming Conclave organized by the Central Electricity Authority on the Indian Power Sector Scenario
by 2047 in New Delhi. He mentioned that RE capacity, which was 76 GW in 2014, is now almost 210 GW,
and achieving 500 GW by 2030 is within reach.

Shri Prashant Kumar Singh highlighted that a major part of this growth in RE will come from the solar
sector. Solar capacity has surged from a mere 2.6 GW in 2014 to an impressive 91 GW today, with
projections indicating it could reach close to 300 GW by 2030. Initiatives such as PM Surya Ghar and PM
KUSUM are driving this demand, complemented by rapid advancements in manufacturing capabilities.
Solar power module manufacturing, which stood at 2 GW in 2014, has surged to 60 GW and is expected
to surpass 100 GW by 2030.

He also highlighted the excellent growth of the solar cell manufacturing sector from 1 GW in 2014 to an
estimated 8-10 GW today. By the end of March 2025, it is projected to reach 20 GW, with a target of over
70 GW by 2030. Between 2014 and 2023, investments in the RE sector have totalled ?8.5 lakh crore. At
the recent ReInvest event of MNRE, financial institutions, including public sector banks, pledged ?25 lakh
crore in support of RE projects through 2030.

Secretary Shri P.K. Singh also emphasized the importance of initiatives such as the Production-Linked
Incentive (PLI) scheme and the Green Hydrogen Mission in the RE sector. He urged the industry to
collaborate on advancing the Green Hydrogen sector in the country. India has set a target of 7.7 metric
tonnes of green hydrogen by 2030, alongside establishing 15 GW of electrolyser capacity. Shri Singh also
noted advancements in research and development, highlighting the National Physical Laboratory's
development of a reference solar cell—a significant milestone for the sector.

The Brainstorming Conclave by the Central Electricity Authority on the Indian Power Sector Scenario by
2047 was inaugurated by Union Minister of Power Shri Manohar Lal Khattar in New Delhi. Union Minister
of State for Power & New and Renewable Energy Shri Shripad Y. Naik also addressed the event. The
conclave involves policymakers, government leaders, ministers, senior officials from Central and State
Governments, industry experts, distinguished guests, and other stakeholders. The event aims to provide
a unique platform for knowledge exchange, networking, and collaboration towards a sustainable and
resilient power sector.

Launch of Pilot projects in Steel Sector under the National Green Hydrogen Mission

As part of National Green Hydrogen Mission, the Union Government has sanctioned three pilot projects
for use of Hydrogen in steel production. Earlier the Ministry of New and Renewable Energy had issued
guidelines for Implementation of Pilot projects in Steel Sector under this Mission.

October 2024 Page | 56