India has solidified its position as a key player in the global solar movement, now ranking 4th worldwide in solar power capacity. The nation's installed solar capacity has soared to 81.81 GW, constituting 63.4% of its total renewable energy generation. This remarkable growth reflects India's rapid expansion of solar infrastructure, driven by proactive government initiatives and supportive policies.
India's solar power journey has been powered by several strategic government interventions, including the Jawaharlal Nehru National Solar Mission. Current initiatives such as the Production Linked Scheme and the Solar Park Scheme aim to further boost solar panel manufacturing and establish significant solar parks nationwide. The newly launched Pradhan Mantri Suryodaya Yojana aims to equip 10 million households with rooftop solar systems, particularly benefiting low and middle-income families.
The Pradhan Mantri KUSUM Program and the PM Surya Ghar Muft Bijli Yojana also contribute significantly, empowering farmers and providing free electricity to households through rooftop solar installations. These programs, with investments surpassing Rs. 750 billion, not only reduce electricity costs but also create employment opportunities by increasing demand for solar equipment.
India's strategic edge in solar energy is bolstered by its geographic location, offering abundant sunlight throughout the year, and its ability to scale solar installations from small rooftops to large solar farms. This advantage is complemented by a steady decline in the cost of solar energy, making it an increasingly affordable option.
Internationally, India leads the International Solar Alliance (ISA), launched in 2015, to promote clean and affordable solar energy among 100 countries. The ISA's "one sun, one earth, one grid" initiative aims to interconnect global energy grids, starting with regions like the Middle East and Africa, enhancing energy accessibility and sustainability.
As India progresses towards its ambitious target of 500 GW of renewable energy capacity by 2030 and aims for net-zero emissions by 2070, the country continues to attract significant investments in its solar sector. The EXIM Bank's commitment to providing USD 2 billion in concessional financing to ISA partner countries underscores India's role as a global leader in the renewable energy space.
With robust policy frameworks and unwavering government support, India's solar energy sector not only promises substantial economic and environmental benefits domestically but also positions the country as a pivotal player in the global transition to clean energy.
