Union Minister for New and Renewable Energy Pralhad Joshi has said that India’s energy transition is being deliberately leveraged as a strategic instrument for industrialisation, employment generation and long-term global competitiveness, offering a scalable model for emerging economies worldwide.
Addressing a high-level session titled “Energy The Great Funding Gap” at the World Economic Forum Annual Meeting 2026 in Davos, the Union Minister emphasised that under the leadership of Prime Minister Shri Narendra Modi, India has transformed its clean energy journey into a people-centric development movement while simultaneously strengthening energy security and reducing costs for industry and consumers.
The Minister stated that India’s energy transition is not driven solely by environmental considerations, but is firmly embedded in the country’s economic growth strategy. He noted that India has already achieved 267 gigawatts of installed non-fossil energy capacity, with renewable sources accounting for nearly 52 percent of total installed power capacity, significantly ahead of earlier timelines. This rapid scale-up, he said, demonstrates how clean energy can underpin industrial expansion while enhancing affordability and reliability.
Highlighting the social and economic impact of decentralised renewable energy programmes, the Union Minister said flagship initiatives such as PM Surya Ghar Muft Bijli Yojana and PM-KUSUM are fundamentally reshaping India’s energy landscape. Under PM Surya Ghar Muft Bijli Yojana, rooftop solar systems have been installed in 2.7 million households over the past two years, with a target of reaching 10 million households and generating approximately 30 gigawatts of distributed solar power. These installations are reducing electricity bills, empowering households and creating new livelihoods across the value chain.
Under the PM-KUSUM scheme, more than 2.1 million farmers have already solarised their irrigation pumps, reducing dependence on subsidised grid electricity and diesel. The Minister said that this has not only lowered the subsidy burden on distribution companies but has also enabled farmers to earn additional income by selling surplus electricity back to the grid, turning them into energy producers and strengthening rural economies.
Explaining the link between renewable energy and industrial competitiveness, Shri Joshi said the large-scale deployment of low-cost solar and wind power has played a crucial role in bringing down electricity tariffs. By replacing expensive subsidised power with renewable energy, savings have been passed on to industries and households alike, contributing to improved cost competitiveness and productivity across sectors.
The Union Minister underlined that India is rapidly building a comprehensive clean energy manufacturing ecosystem spanning the entire value chain. He noted that solar module manufacturing capacity has reached 144 gigawatts, while solar cell manufacturing capacity stands at 27 gigawatts and is expected to expand to around 50 gigawatts in the near future. He added that India is now moving towards completing the full manufacturing cycle, with wafer and ingot manufacturing planned to commence shortly, reducing import dependence and strengthening supply chain resilience.
Beyond solar, the Minister highlighted India’s accelerated efforts in wind energy, battery storage, pumped storage hydro and emerging clean technologies. These investments, he said, are critical for ensuring grid stability and reliability as renewable penetration increases. He also pointed to ongoing legal and policy reforms to expand nuclear energy capacity, strengthening base-load generation and reinforcing energy security.
Shri Joshi stressed that India’s integrated approach demonstrates that energy security, affordability and sustainability are complementary objectives rather than competing priorities. Through coherent policy design, large-scale deployment and domestic manufacturing, India has shown that clean energy can drive jobs, industrial growth and competitiveness simultaneously.
On the sidelines of the World Economic Forum, the Union Minister held a series of bilateral engagements to advance clean energy investments and international cooperation. He met Dr Tareq Abu Ghazaleh, Minister of Investment, and Ms Zeina Toukan, Minister of Planning and International Cooperation of Jordan, to explore opportunities for enhanced collaboration and investment partnerships in renewable energy and sustainable infrastructure.
The Minister also held discussions with H E Amon Murwira, Minister of Foreign Affairs and International Trade of Zimbabwe, on deepening India–Zimbabwe cooperation in renewable energy. He noted Zimbabwe’s appreciation for India’s support through the International Solar Alliance, including assistance for the establishment of the STAR-C Centre, and discussed decentralised solar solutions for rural areas, along with emerging opportunities in green hydrogen, bioenergy and distributed energy systems.
In another key engagement, Shri Joshi met Dr Fatih Birol, Executive Director of the International Energy Agency, to discuss strengthening India-specific data, analysis and policy frameworks, as well as exploring innovative financing mechanisms to reduce the cost of capital for clean energy projects.
Engagements with global industry leaders further reinforced confidence in India’s clean energy ecosystem. The Union Minister met José Entrecanales Carrión, Chief Financial and Sustainability Officer of Acciona SA, to discuss expanding opportunities in utility-scale solar, onshore wind, hybrid renewable-storage projects and round-the-clock clean power aligned with India’s target of 500 gigawatts of non-fossil capacity by 2030. He also interacted with Catherine MacGregor, Chief Executive Officer of ENGIE, encouraging deeper investments in India and highlighting the country’s transparent, market-driven renewable energy framework.
Discussions with Dave Ernsberger, President of S&P Global, focused on developing robust global frameworks for credit assessment, environmental social governance standards and price discovery tailored to the scale and stability of India’s renewable energy market. The Minister also met Aman Joshi, Executive Vice President and Chief Commercial Officer of Bloom Energy, to explore clean, reliable and distributed power solutions, including fuel cell technologies for industrial clusters and data centres.
Concluding his engagements, Shri Joshi said that the coming decade belongs to India, driven by scale, speed and execution. He noted that India’s clean energy transition is emerging as a powerful engine for industrial growth, job creation and global leadership, offering practical and replicable lessons for the world.
