Modi sets sights on 500 GW clean energy expansion, eyes Rs 20 lakh crore investment
Prime Minister Narendra Modi has reaffirmed India’s renewable energy ambitions, announcing plans to add around 500 GW of new non-fossil fuel capacity over the next 10-11 years.
Speaking at the Bharat Renewable Energy Summit and Expo in Delhi on Monday, Modi said India had already installed nearly 300 GW of non-fossil power capacity and remained committed to achieving its 500 GW target by 2030.
He noted that more than half of the country’s installed electricity capacity now comes from non-fossil sources, allowing India to achieve a key climate commitment five years ahead of schedule.
The prime minister said India’s clean energy sector could generate investment opportunities worth more than Rs 20 lakh crore, or approximately $220 billion, by the end of the decade.
The investment potential spans renewable power generation, transmission networks, domestic manufacturing and energy storage.
Modi said the ongoing crisis in West Asia had highlighted the close relationship between energy security and economic stability. He argued that India’s growing renewable energy base had helped the country withstand global disruptions more effectively.
He also warned that continued dependence on fossil fuels would leave the global economy vulnerable to recurring energy shocks.
According to Modi, India attracted more than Rs 15 lakh crore in renewable energy investments over the past decade. Since the 2024 RE-INVEST Summit, the sector has received around Rs 6 lakh crore in investments over two years.
The prime minister acknowledged that adding another 500 GW of non-fossil capacity would be challenging but expressed confidence in India’s ability to achieve the target.