Union Minister for New and Renewable Energy Pralhad Joshi has said that India’s energy transition has been strategically designed to act as a catalyst for industrialisation, employment generation and global competitiveness, offering a scalable model for emerging economies.

Speaking at a high-level session titled “Energy: The Great Funding Gap” during the World Economic Forum Annual Meeting 2026 in Davos, the Union Minister said that under the leadership of Prime Minister Narendra Modi, India has transformed its clean energy transition into a people-centric development movement. He added that the approach has simultaneously strengthened energy security while lowering power costs for industry and consumers.

The Union Minister noted that India has already achieved 267 GW of installed non-fossil fuel-based capacity, with renewable energy accounting for around 52% of the country’s total installed power capacity, well ahead of initial targets. He stressed that India views the energy transition not just as an environmental obligation but as a key driver of economic growth and affordable electricity.

Highlighting flagship decentralised initiatives, he said that PM Surya Ghar: Muft Bijli Yojana has enabled rooftop solar installations in 2.7 million households over the past two years, with a target of covering 10 million households and generating around 30 GW of power. Under PM-KUSUM, over 2.1 million farmers have solarised their irrigation pumps, reducing dependence on subsidised grid power and creating opportunities to earn additional income by selling surplus electricity. “These initiatives are not only providing affordable energy but are also turning consumers into ‘prosumers’, improving household incomes and rural livelihoods,” the Minister said.

The Union Minister also highlighted India’s expanding clean energy manufacturing ecosystem, noting 144 GW of solar module capacity and rapidly growing solar cell manufacturing, alongside scaling up of wind energy, battery storage and pumped storage solutions. He added that India is pursuing an integrated strategy combining renewables, storage and nuclear power to ensure reliability, demonstrating that energy security, affordability and sustainability can be achieved together.