As its solar manufacturing capacity alone reaches 100GW by 2026, India will emerge as a major participant in the global supply chain for renewable energy equipment and start exporting, a top official predicted. A production linked incentive (PLI) programme being implemented by the government with a budget of Rs 24,000 crore is expected to help establish 48 GW of solar equipment manufacturing capacity by 2026.
At a CII event in this city, Bhupinder Singh Bhalla, the secretary for new and renewable energy, stated, "We aim to create India as a leading global supplier of renewable energy (equipment)." Bhalla said that the solar PLI programme, worth Rs 24,000 crore, will add 48 GW of new capacity for producing renewable energy over the next three years. India now has a 28GW capacity for solar module production and a 6GW capacity for solar cell production.
India should to be able to produce 100GW worth of solar modules if the PLI scheme for solar is put into place, he noted. "We need to increase the capacity of solar energy by 30GW to 40GW annually. We still have a pretty sizable amount of export capacity. India will consequently play a significant role in the global supply chain.
India has a lofty goal of reaching 500GW 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. "We want India to be the world's top producer of solar modules. The manufacture of RE is set to go to India. India now has a 15 GW production capability for wind energy (turbines), according to Bhalla. By 2030, we want to generate 50% of our electricity from non-fossil fuels. As of August 2023, India had 178 GW of installed renewable energy (RE) generation capacity, making it the country with the fastest rate of RE capacity growth in recent years, according to him. He said that India has the fourth-largest RE capacity in the entire world.