India will become one of the world's largest manufacturers of solar modules: R K Singh

2 Aug 2023 , 09:46 AM

According to Union Power Minister R K Singh, India is on track to become one of the major solar module manufacturers and to have the fastest increasing renewable energy capacity. He noted that India has significant existing solar manufacturing capacity and that ‘even larger capacities, including polysilicon, are under construction.’

‘With a robust ecosystem, India is poised to become a global powerhouse in renewable energy, including green hydrogen.’

‘With one of the largest manufacturing ecosystems in wind energy and rapidly growing capacity in solar energy, India is the world leader in this regard,’ Singh said at an ICRA event in New Delhi.

According to the minister, the country has the fastest growing renewable energy capacity and is on track to become one of the top solar module manufacturers.

According to him, India has met its Nationally Determined Contribution (NDC) objective of 40% renewable capacity.

Furthermore, he stated that the government is on track to fulfill the target of 50% renewable energy capacity share well ahead of the NDC’s 2030 deadline.

According to Singh, India has one of the world’s fastest-growing economies, but its per capita greenhouse gas emissions are significantly lower than the worldwide average.

He stated that the country is attempting to strike a fine balance between meeting its increasing energy needs and lowering carbon emissions, and that the country remains committed to sustainable growth, renewable energy expansion, and electric vehicle adoption.

‘By strategically balancing economic growth with environmental consciousness, the nation is determined to carve a brighter, greener future for generations to come,’ he stated.

According to Ramnath Krishnan, managing director and CEO of ICRA Ltd, who talked to ET, the country’s clean energy revolution has made great progress over the last decade, thanks to strong legislative support from the federal government and improved tariff competitiveness of solar and wind power.

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