India is recasting its clean energy transition as a core industrial and manufacturing strategy, with non-fossil sources now accounting for 52 per cent of installed power capacity and total non-fossil capacity reaching 267 GW, Union Minister for New and Renewable Energy Pralhad Joshi said at the World Economic Forum (WEF) Annual Meeting 2026.
Addressing a high-level session on global energy financing, Joshi said India’s transition has been deliberately designed to lower power costs for industry, strengthen domestic manufacturing, and support job creation, positioning renewable energy as a structural input to economic growth rather than a standalone climate initiative.
Energy security emerged as a central theme during discussions, with global leaders expressing confidence in India’s policy stability and execution capability. According to Joshi, India has crossed the 50 per cent non-fossil installed capacity mark five years ahead of its Paris Agreement commitments, reinforcing its credibility as a long-term energy partner.
“India is being seen not just as a market, but as a partner in shaping global energy security and climate solutions,” Joshi said, pointing to sustained interest from governments, investors and global institutions.
Financing the 500 GW target
The Minister said India would require around ₹30 lakh crore ($300–350 billion) in funding to achieve its target of 500 GW of non-fossil capacity by 2030. He emphasised that India’s renewable sector offers strong economic fundamentals, underpinned by scale, competitive tariffs and policy continuity.
Joshi said India’s position was communicated clearly during discussions at Davos: while it is among the fastest-growing renewable energy markets globally, it also offers strong value for capital deployed.
He highlighted that India’s energy transition has been structured to deliver affordable electricity, which in turn supports industrial competitiveness, lowers subsidy burdens and improves overall system efficiency.
Manufacturing and supply chains
Joshi underscored that India has built significant domestic manufacturing capacity across the renewable energy value chain. According to him, the country has established 144 GW of solar module manufacturing capacity, while solar cell capacity has reached 27 GW, with plans to expand this to around 50 GW in the near term. Manufacturing of wafers and ingots is expected to begin, completing the domestic solar manufacturing cycle.
The Minister said India is also scaling up wind energy, battery storage, and pumped storage to support grid stability and reliability, as renewable penetration increases.
These efforts, he said, are aligned with India’s broader industrial policy and are generating employment while strengthening supply chains.
Energy storage as a policy priority
Joshi said the government has issued a National Framework for promoting Energy Storage Systems, recognising storage as critical to the next phase of renewable integration.
India’s requirement for energy storage is estimated at about 411 GWh by 2031-32 to ensure reliable and flexible operation of the power system as renewable capacity expands.
Of this, around 26 GWh of storage projects are currently under construction, while about 60 GWh are at various stages of tendering, he said.
The Minister noted that storage, along with pumped hydro and nuclear power, forms part of an integrated approach to energy security and reliability.
Global engagement and partnerships
On the sidelines of the WEF meeting, Joshi held bilateral discussions with ministers and global industry leaders to advance clean energy investment, technology collaboration and financing.
He met Jordan’s Minister of Investment Tareq Abu Ghazaleh and Minister of Planning and International Cooperation Zeina Toukan to discuss investment partnerships, and Zimbabwe’s Minister of Foreign Affairs and International Trade Amon Murwira to explore cooperation in renewable energy and decentralised solutions.
Joshi also met International Energy Agency Executive Director Fatih Birol to discuss strengthening India-specific data, analysis and financing approaches.
Engagements with industry leaders included discussions with senior executives from Acciona, ENGIE, S&P Global and Bloom Energy on renewable power, storage, credit frameworks and distributed energy solutions.
Joshi said India’s experience demonstrates that energy security, affordability and sustainability can be pursued simultaneously, and that India’s clean energy pathway offers a template for other emerging economies.