“In this sector itself, with reduction in all parts of renewables, including electrolysers, green modules to hydrogen and even in wind energy, we are going to save Rs 1-1.5 lakh crore. This is the quantum only in one sector which PM Narendra Modi has gifted on this auspicious day of Navratri to the country,” Joshi said while delivering his address at the plenary session of the 6th CII International Energy Conference and Exhibition (IECE) in the capital.
Modi, in his Independence Day address this year, had announced the next generation of GST reforms that took effect from September 22. The GST on solar, wind and related renewable devices was cut from 12% to 5%, reducing capital costs. On biodegradable bags, it was slashed from 18% to 5%, accelerating the shift from single-use plastics.
Joshi also said that the government is seriously working on aspects concerning energy transition, storage and power purchase agreements (PPAs). “The key challenges related to PPAs, ease of doing business, and regulatory bottlenecks have been addressed. Initiatives like the installation of 10 million rooftop solar units highlight India’s scale and commitment towards clean energy transition and strengthening energy self-reliance.”
Lauding the government’s efforts in this sector, Joshi said that India is on track to achieve its target of 500 GW renewable energy capacity by 2030. “We have crossed the half-way mark. We have also already achieved over 50% of our installed power capacity from non-fossil fuel sources. I am sure that, under the leadership of PM Modi, we will not only achieve the target but also lead the world into a new era of sustainability,” he emphasised.
The minister also stated that the government is planning a policy on silicon to manufacture and produce it in India. “I want your cooperation. In other countries, the private sector also participates in R&D investment, versus India, where such participation is still low,” he said. Also speaking at the occasion, Sanjiv Puri, former President of CII, stated that India’s position and focus on energy security, Atmanirbharta, and sustainability are no longer choices; they are clear imperatives. “Despite the many challenges across the world, India continues to stand out as a beacon of hope and growth. Achieving a GDP growth rate of 7.8% in the first quarter is remarkable under such circumstances. India is progressing on a solid foundation, moving towards becoming the third-largest economy,” he said.The theme of the conference this year, “Driving India’s Energy Transition: Solutions for a Net-Zero World”, aimed to discuss India’s roadmap ahead to achieve net zero emissions by 2070 and position itself as a global leader in clean energy.
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