Page 64 - Policy Economic Report - Jan 2026

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Highlighting a major milestone, Shri Joshi informed that India has already achieved 50% of its installed
electricity capacity from non-fossil fuel sources in 2025, five years ahead of its Nationally Determined
Contribution (NDC) target under the Paris Agreement. India’s non fossil fuel energy capacity has crossed
266 GW, placing the country among global leaders in renewable energy deployment.

The Union Minister underlined that as one of the world’s fastest-growing major energy markets, India is
prioritising reliable and resilient power systems through accelerated deployment of energy storage
solutions, grid modernisation, development of Green Energy Corridors and innovative bidding
mechanisms such as hybrid and round-the-clock renewable energy projects. He also highlighted India’s
efforts to strengthen clean energy supply chains and expand domestic manufacturing across solar, wind,
batteries and electrolysers, contributing to both national self-reliance and diversified global supply chains.

Emphasising the people-centric nature of India’s energy transition, the Union Minister highlighted flagship
programmes aimed at empowering households and farmers. Under the PM Surya Ghar: Muft Bijli Yojana,
around 2.5 million households have benefitted from rooftop solar installations in less than two years, with
a target to cover 10 million households by March 2027. Under the PM-KUSUM scheme, about 2.17 million
farmers have benefitted through replacement of diesel pumps and solarisation of agricultural feeders.

The Union Minister noted that the global energy transition will require unprecedented investment and
cooperation. India alone is expected to require around USD 300 billion by 2030, creating significant
opportunities across renewable generation, storage, green hydrogen, grids and manufacturing. With
stable policies and transparent markets, he said, India continues to remain one of the most attractive
destinations for clean energy investment.

Calling for enhanced international cooperation, Shri Joshi stressed the importance of technology transfer,
access to low-cost finance, capacity building and harmonisation of standards, particularly to support
developing countries in scaling up renewable energy without compromising development aspirations.

Reaffirming India’s strong support for IRENA, he stated that India stands ready to share its experience,
institutions and technical expertise and to work closely with all member countries, especially Least
Developed Countries and Small Island Developing States, to accelerate the global renewable energy
transition. Union Minister emphasised that India’s energy transition is not only about capacity addition,
but about people, opportunity and a shared sustainable future.

Earlier, Union Minister Pralhad Joshi also participated in the High-Level Dialogue on “Reimagining Energy
Futures: Bold Visions for Shared Prosperity” held on the sidelines of the assembly. He reaffirmed India’s
commitment to a people-centric energy transition, driven by strengthened international cooperation on
finance, technology and governance, with the objective of delivering shared prosperity for all.
Emphasising that the energy transition must become a mass movement driven by equity and inclusion,
the Minister said that India added nearly 50 GW of RE capacity in 2025.

The Union Minister congratulated the Dominican Republic on assuming the Presidency of the
International Renewable Energy Agency (IRENA) and extended best wishes to the Vice Presidents, Kenya,

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