India poised to become world's largest solar module makers: R K Singh

India is set to emerge as one of the largest solar module manufacturers and has the fastest growing capacity in renewable energy, Union Power Minister R K Singh said on Tuesday.

Stating that India has a considerable existing solar manufacturing capacity, he pointed to "even larger capacities under construction, including polysilicon".

"India is poised to become a global powerhouse in renewable energy, including green hydrogen, fostering a robust ecosystem.

"With one of the largest manufacturing ecosystems in wind energy and rapidly growing capacity in solar energy, India is the world leader in this regard," Singh said while speaking at an ICRA event in the national capital.

The minister said the country has the fastest growing capacity in renewable energy and is also set to emerge as one of the largest solar module manufacturers.

India has achieved the Nationally Determined Contribution (NDC) target of 40 per cent capacity from renewable sources, he said.

Further, he said the country is on course to meet the target of 50 per cent capacity share from renewable energy well ahead of NDC's 2030 timeline.

Singh said India is one of the fastest-growing economies in the world, yet the per capita emission of greenhouse gases is substantially lower than the global average.

The country is striving to achieve a fine balance between meeting its surging energy needs and reducing carbon emissions, he said and added that the country remains steadfast in its commitment to sustainable growth, renewable energy expansion and electric vehicle adoption.

"By strategically balancing economic growth with environmental consciousness, the nation is determined to carve a brighter, greener future for generations to come," he said.

Ramnath Krishnan, managing director and chief executive officer at ICRA Ltd, said the country's clean energy revolution has witnessed significant progress over the past decade, fuelled by strong policy support from the central government and enhanced tariff competitiveness of solar and wind power.