Indian Economy News

India is expected to be an exporter of renewables equipment and solar manufacturing to reach 100 GW by 2026

  • IBEF
  • September 15, 2023

India will establish itself as a major player in the global supply chain for renewable energy equipment and start exporting as its solar manufacturing capacity independently reaches 100 gigawatts (GW) by 2026. With an investment of Rs. 24,000 crore (US$ 2.88 billion), the government is putting into place a Production Linked Incentive (PLI) scheme that would help establish 48 GW of solar equipment manufacturing capacity by 2026.

Mr. Bhupinder Singh Bhalla, New and Renewable Energy Secretary, stated that the aim is to create India as a leading global supplier of renewable energy. He further stated that the solar PLI scheme, worth Rs. 24,000 crore (US$ 2.88 billion) will create 48 GW of new renewable energy manufacturing capacity in the next three years. India has 28 GW of solar module manufacturing capacity and 6 GW of solar cell manufacturing capacity at present.

After the implementation of the PLI scheme for solar, India should be in a position to have 100 GW of solar module manufacturing capacity, says Mr. Bhupinder Singh Bhalla.

India has an ambitious objective of reaching 500 GW of renewable energy capacity by 2030 and wants to derive 50% of its electricity from non-fossil fuel sources like solar, wind, and green hydrogen.

Mr. Bhupinder Singh Bhalla also stated that India has 15 GW of wind energy manufacturing capacity at present. The aim is to achieve 50% of electric power from non-fossil fuels by 2030. India has an installed renewable energy generation capacity of 178 GW as of August 2023.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.