India’s subsidy scheme for residential rooftop solar, PM-Surya Ghar: Muft Bijli Yojana, has already surpassed 850,000 installations, marking significant progress toward the goal of powering 10 million households with solar energy, Minister for New & Renewable Energy Pralhad Joshi shared recently.
Joshi reaffirmed India’s commitment to its ambitious renewable energy targets and said “the government aims to achieve 500 GW of renewable energy capacity by 2030, with a long-term vision of 1,800 GW by 2047. India’s renewable energy capacity has surged from 75 GW in 2014 to over 220 GW today, showcasing significant progress in the sector.”
The Minister underscored the importance of state governments, bankers, and other stakeholders in supporting this transition. He said that the government is actively addressing issues such as financing, policy implementation, and land acquisition, with regular consultations and meetings held with all relevant stakeholders.
“India is on track to become a global leader in renewable energy, with continuous efforts being made to accelerate the country’s energy transition,” the minister added.
M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, Government of India,stated,”Mobilizing INR 33 lakh crore for India’s energy transition is a formidable challenge, requiring a multi-pronged approach involving public sector banks, global financing institutions, and private capital. While INR 10 lakh crore will be sourced from public sector banks, the remaining INR 23 lakh crore must come through innovative financing instruments, including green bonds and structured debt solutions.”
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