India's Ambitious Renewable Energy Plans: Targeting 500 GW by 2030

India aims to invest up to Rs 30 lakh crore to achieve a renewable energy capacity of 500 GW by 2030. The emphasis on renewable energy is evident, with a notable budget increase and significant progress over the past decade. However, there are concerns about the feasibility of reaching the targets.

India is set to channel up to Rs 30 lakh crore towards achieving a renewable energy capacity of 500 GW by 2030, Union minister Pralhad Joshi revealed in Rajya Sabha. Highlighting the Modi-led administration's prioritization of renewable energy, Joshi noted that this year's budget allocation for renewable projects has more than doubled to over Rs 20,000 crore.

In his address, Joshi detailed the nation's significant strides in renewable energy investments, from Rs 7 lakh crore over the past decade to an anticipated Rs 30 lakh crore to meet the 2030 target. The minister also noted the Congress party's limited investments in renewables between 2004 and 2014.

Despite the progress, opposition members questioned the feasibility of raising renewable capacity from 200 GW to 500 GW in less than a decade. Joshi responded with confidence, citing India's advancements in solar and wind energy and underscoring ongoing policy reforms and incentives to support the sector's growth.

(With inputs from agencies.)