$500 Billion Investment Planned for India’s Solar Energy Sector

$500 Billion Investment Planned for India’s Solar Energy Sector
The solar energy sector is rapidly becoming a global investment hub, with significant investments anticipated in India as well. Union Minister for New and Renewable Energy, Prahlad Joshi, announced that by 2024, $500 billion in new investments is expected in the clean energy sector. This is a substantial increase from last year’s $393 billion investment.
During the seventh meeting of the International Solar Alliance (ISA), India was once again chosen as the ISA President. Currently, the ISA includes 120 member countries, with a vision to expand solar power globally, like the way OPEC operates in the oil industry.

Key Highlights:
•    Solar Park Expansion: In the Union Budget, it was announced that 50 new solar parks, with a combined capacity of 37,500 MW, would be established across India.
•    ISA’s Future Goals: ISA aims to produce 90,000 MW of electricity through solar power in India alone, with a national target of reaching 500,000 MW by 2030 across the renewable sector.
Despite India’s progress in solar energy, foreign investment in this sector has been limited. According to government data, the past three years saw only $3.8 billion in foreign investment, which is comparatively low. To address this, the central government is prioritizing initiatives in the solar sector, including a $500 billion investment pipeline for future projects.

Global Solar Alliance’s Influence
The ISA, established with India's leadership, is designed to promote solar power usage worldwide. Since 2018, India's solar sector has attracted around $188 billion in investment, and this number is expected to surge as the government ramps up its renewable energy goals for 2030.
Minister Joshi emphasized, "To achieve our ambitious 2030 target, substantial focus on solar energy will be crucial."