Davos, Jan 22 (NationPress) The energy transition in India is strategically crafted as a means for industrial expansion, job creation, and enhancing global competitiveness, especially for developing nations, stated Union Minister for New and Renewable Energy, Pralhad Joshi, during a significant session at the World Economic Forum Annual Meeting.

In his address focused on “Energy: The Great Funding Gap”, the Minister emphasized that under Prime Minister Narendra Modi's leadership, India's clean energy transition has evolved into a people-centric development movement, while also fortifying energy security and reducing costs for industries.

He noted that India has successfully installed 267 GW of non-fossil energy capacity, with renewable sources now contributing approximately 52 percent of the nation's total installed power capacity, significantly ahead of previous benchmarks.

Minister Joshi highlighted that India perceives the energy transition as not just an environmental necessity but as a catalyst for growth, facilitating rapid industrial development and making energy more accessible for both businesses and households.

He brought attention to flagship decentralized renewable energy initiatives, such as the PM Surya Ghar: Muft Bijli Yojana, which has facilitated the setup of rooftop solar systems in 2.7 million households over the past two years, aiming for a target of 10 million households, anticipated to yield around 30 GW of power.

Additionally, under the PM-KUSUM scheme, over 2.1 million farmers have solarized their irrigation pumps, significantly diminishing reliance on subsidized grid electricity while enabling these farmers to generate extra income through surplus energy sales.

“These initiatives provide not only affordable energy but also transform consumers into ‘prosumers’, enhancing household incomes and rural livelihoods,” the Minister commented.

By replacing expensive subsidized electricity with cost-effective solar power, the resulting savings have led to reduced tariffs for both industries and households, indicating a historic transformation in India's power landscape. Joshi remarked that electricity tariffs are declining due to the renewable energy revolution.

The Union Minister underscored India's robust domestic manufacturing capacity within the renewable energy supply chain. He noted that the nation has established 144 GW of solar module manufacturing capabilities, with solar cell production reaching 27 GW, projected to expand to approximately 50 GW shortly.

Moreover, he indicated that India is nearing the completion of the entire manufacturing cycle, with plans for wafer and ingot manufacturing to commence soon.

In addition to solar manufacturing, the Minister emphasized the swift advancement in wind energy, battery storage, and pumped storage solutions, which are crucial for maintaining reliability and grid stability. These initiatives are not only fortifying India's clean energy supply chains but also generating substantial employment opportunities and bolstering the country's industrial competitiveness.

During bilateral discussions, Joshi met with Dr. Tareq Abu Ghazaleh, Jordan's Minister of Investment, and Ms. Zeina Toukan, Minister of Planning and International Cooperation, to explore enhanced cooperation and investment opportunities.

He also engaged with Amon Murwira, Zimbabwe's Minister of Foreign Affairs and International Trade, focusing on deepening renewable energy collaboration between India and Zimbabwe.

Joshi's meeting with Dr. Fatih Birol, Executive Director of the International Energy Agency, centered on strengthening the IEA's focus on India-specific data, analysis, and policy recommendations, as well as investigating innovative financial strategies to reduce capital costs.