India needs Rs 30 lakh crore to hit 500 GW clean-energy target: Pralhad Joshi

Mumbai: India will need more than ₹30 lakh crore of investment over the next five years to achieve its target of 500 GW of non-fossil fuel capacity by 2030, Union minister for new and renewable energy Pralhad Joshi said on Thursday.

Speaking at the Mumbai roadshow for the Bharat Renewable Energy Summit & Expo (BRESE) 2026, Joshi said a large part of the required capital would have to come from domestic financial institutions, capital markets, insurance funds, infrastructure investors and private capital. CII is the knowledge partner for BRESE.

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"With rapid infrastructure development taking place across the country, the green-energy sector presents significant opportunities for investment and collaboration," he said.

Mumbai would play an important role in India's clean-energy investment ecosystem because of its strong presence of financial institutions and investors, Joshi said.

India has crossed 300 GW of installed non-fossil fuel capacity, reaching 302-303 GW, Joshi said. The country added more than 17 GW of renewable energy capacity in the first four months of FY27, including 14.33 GW of solar and more than 2 GW of wind capacity.

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Over the past 12 years, India's non-fossil fuel capacity has risen from 80.3 GW to 300.5 GW, an increase of 275%. Solar capacity has grown from 2.8 GW to 165 GW, while wind capacity has increased from around 21 GW to 58 GW.

Joshi also highlighted the expansion of rooftop solar under the PM Surya Ghar Muft Bijli Yojana, which has reached around 5.35 million beneficiary households.

He urged Maharashtra to use BRESE 2026 to showcase its renewable energy projects and attract global developers, investors and technology providers. He also asked the state to highlight its experience under PM-KUSUM and explore international partnerships for solarisation of agriculture.