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India embarks on ambitious path of rapid economic growth
(MENAFN) As India embarks on an ambitious path of rapid economic growth, it faces the critical challenge of meeting its burgeoning energy needs while transitioning to greener sources. Recently surpassing the United Kingdom to become the world’s fifth-largest economy, India aims to further ascend to third place by 2030, with a goal of transforming itsUSD4 trillion economy into aUSD25 trillion powerhouse by 2047, as highlighted by Hardeep Singh Puri, the country's Minister of Petroleum and Natural Gas.
India's energy consumption has historically been driven by fossil fuels, particularly oil. However, with the pressing need to support both economic expansion and environmental sustainability, the country is increasingly investing in renewable energy sources. According to Puri, while fossil fuels will remain a significant part of India's energy mix for the foreseeable future, there is a strong push towards enhancing renewable energy production. This includes solar and wind energy, biofuels, green hydrogen, and nuclear power.
The forthcoming term of Prime Minister Narendra Modi will be pivotal in accelerating this transition. India has set a formidable target to achieve 500 gigawatts (GW) of renewable energy capacity by 2030. This goal necessitates an annual increase of 50GW in renewable capacity, a challenging but crucial endeavor.
Currently, India's installed renewable energy capacity stands at approximately 193GW, including hydropower, and about 140GW when excluding hydropower. The renewable energy portfolio is varied, featuring wind power (46.42GW), solar power (84.27GW), biomass (10.35GW), small hydropower (5GW), waste-to-energy (0.59GW), and large hydropower (46.92GW).
Looking ahead, India aims to expand its solar power capacity to 280GW, wind power to 140GW, and nuclear power to 22GW by 2030, up from the current 6.78GW. Additionally, the country is investing in green hydrogen technology, with a target to produce 5 million tonnes of green hydrogen by 2030.
This multifaceted strategy underscores India's commitment to balancing rapid economic development with environmental stewardship, positioning the country as a key player in the global energy landscape.
India's energy consumption has historically been driven by fossil fuels, particularly oil. However, with the pressing need to support both economic expansion and environmental sustainability, the country is increasingly investing in renewable energy sources. According to Puri, while fossil fuels will remain a significant part of India's energy mix for the foreseeable future, there is a strong push towards enhancing renewable energy production. This includes solar and wind energy, biofuels, green hydrogen, and nuclear power.
The forthcoming term of Prime Minister Narendra Modi will be pivotal in accelerating this transition. India has set a formidable target to achieve 500 gigawatts (GW) of renewable energy capacity by 2030. This goal necessitates an annual increase of 50GW in renewable capacity, a challenging but crucial endeavor.
Currently, India's installed renewable energy capacity stands at approximately 193GW, including hydropower, and about 140GW when excluding hydropower. The renewable energy portfolio is varied, featuring wind power (46.42GW), solar power (84.27GW), biomass (10.35GW), small hydropower (5GW), waste-to-energy (0.59GW), and large hydropower (46.92GW).
Looking ahead, India aims to expand its solar power capacity to 280GW, wind power to 140GW, and nuclear power to 22GW by 2030, up from the current 6.78GW. Additionally, the country is investing in green hydrogen technology, with a target to produce 5 million tonnes of green hydrogen by 2030.
This multifaceted strategy underscores India's commitment to balancing rapid economic development with environmental stewardship, positioning the country as a key player in the global energy landscape.
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