India’s flagship solar program, PM-Surya Ghar, has crossed a major milestone, with over 8.5 lakh rooftop solar installations now in place.
This achievement marks significant progress toward the country’s ambitious goal of powering 10 million households through solar energy. Minister of New and Renewable Energy, Pralhad Joshi, highlighted this success during his address at the third India Energy Transition Summit hosted by FICCI.
Goals For Future Under PM-Surya Ghar
The government is aiming to reach 500 GW of renewable energy capacity by 2030, with a long-term target of 1,800 GW by 2047.
This plan, according to Joshi, will establish India as a global leader in renewable energy, helping to meet the country’s energy needs while contributing to global decarbonization efforts.
“Increasing our renewable energy capacity from 75 GW in 2014 to over 220 GW today demonstrates the remarkable growth of this sector,” Joshi said.
He added that the PM-Surya Ghar initiative, combined with continued policy support and financial backing, positions India at the forefront of the global clean energy transition.
Challenges & Collaborative Efforts
Joshi also emphasized the need for energy security, stable financing, and strong policies to ensure the continued success of India’s energy transition.
He pointed out the significant role played by state governments, financial institutions, and other stakeholders in overcoming challenges such as land acquisition and policy implementation.
Additionally, he noted the successful implementation of green hydrogen initiatives, further strengthening India’s commitment to clean energy.
“The government remains focused on addressing key issues like financing, land acquisition, and policy execution, with regular consultations with all relevant stakeholders,” he added.
India Becomes Global Leader With PM-Surya Ghar
M. Nagaraju, Secretary of the Department of Financial Services at the Ministry of Finance, outlined the financial roadmap necessary for India’s energy transition. He explained that mobilizing ₹33 lakh crore to support the transition is a complex challenge.
This will require a multi-pronged approach involving public sector banks, global financing institutions, and private capital.
“Public sector banks will contribute ₹10 lakh crore, while the remaining ₹23 lakh crore must be raised through innovative financing instruments such as green bonds and structured debt solutions,” Nagaraju stated.
With its continued efforts and strong policy framework, India is on track to become a global leader in renewable energy. The successful implementation of initiatives like PM-Surya Ghar, combined with financial strategies and collaborative support from various stakeholders.
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