India’s clean energy transition provides lessons for emerging economies on growth, jobs and competitiveness, according to Union Minister Pralhad Joshi.
Even as a BloombergNEF report confirms that India is transitioning to new and renewable sources of energy faster than the US or China, Union Minister for New and Renewable Energy Pralhad Venkatesh Joshi emerged as one of the most sought‑after leaders at the World Economic Forum (WEF)’s annual meeting in Davos. On Thursday, Joshi emphasised that India’s energy transition consciously addresses industrial growth, job creation, and global competitiveness, particularly for emerging economies.
Speaking at a high‑level session on ‘Energy: The Great Funding Gap’, Joshi underlined, “India has transformed its clean energy transition into a people‑centric development movement, while simultaneously strengthening energy security and lowering costs for industry.”
He noted that India has already achieved 267 GW of installed non‑fossil energy capacity, with renewables now accounting for around 52 per cent of total installed power capacity, well ahead of earlier timelines. “India views the energy transition not merely as an environmental imperative, but as a growth enabler, supporting rapid industrialisation and making electricity more affordable for businesses and households alike,” he said.
Highlighting flagship decentralised renewable energy programmes, Joshi pointed to the PM Surya Ghar: Muft Bijli Yojana, which has enabled rooftop solar installations in 2.7 million households over the past two years, with a target of 10 million households expected to generate around 30 GW of power. Under PM‑KUSUM, more than 2.1 million farmers have solarised irrigation pumps, reducing dependence on subsidised grid power while earning additional income from surplus electricity sales.
“These initiatives are not only providing affordable energy but are also turning consumers into ‘prosumers’, improving household incomes and rural livelihoods,” he added.
Explaining how renewables have helped reduce electricity tariffs, Joshi cited agricultural power supply reforms through solarisation of pumps, which have significantly reduced subsidy burdens on distribution companies. By replacing high‑cost subsidised electricity with low‑cost solar power, savings have translated into lower tariffs for industry and households.
Building Domestic Capacity
Joshi highlighted India’s strong domestic manufacturing base across the renewable energy value chain. The country has already established 144 GW of solar module manufacturing capacity, while solar cell manufacturing capacity has reached 27 GW and is expected to expand to 50 GW in the near future. India is also moving towards completing the entire manufacturing cycle, with wafer and ingot production set to commence shortly.
Alongside solar manufacturing, Joshi underlined the rapid scale‑up of wind energy, battery storage, and pumped storage solutions, which are critical for ensuring reliability and grid stability. These efforts are strengthening India’s clean energy supply chains, generating large‑scale employment, and enhancing industrial competitiveness.
Addressing concerns about grid reliability, Joshi said India is pursuing an integrated strategy combining renewables with energy storage, pumped storage hydro, and nuclear power. He added that India has undertaken legal and policy reforms to expand nuclear energy and strengthen base‑load capacity.
“India’s experience demonstrates that energy security, affordability and sustainability are not competing priorities, but can be pursued together through coherent policy design, scale, and domestic manufacturing. India’s clean energy journey offers practical lessons for other emerging economies seeking to drive growth, jobs and competitiveness through energy transition.”
Joshi also held a series of high‑level bilateral interactions with global industry leaders and foreign ministers to advance clean energy investments, technology collaboration, and international partnerships aligned with India’s energy transition goals.