India Records 4,000% Solar Capacity Surge; ₹1 Lakh Crore Innovation Fund Unveiled to Power Battery Tech

New Delhi, July 10 — India has achieved a staggering 4,000% increase in installed solar capacity, Union Minister of Commerce and Industry Piyush Goyal announced at the 11th India Energy Storage Week (IESW) 2025 held in New Delhi. The country’s renewable energy capacity has now reached 227 GW. Goyal stated that India is likely the first G20 nation to have achieved its Nationally Determined Contributions (NDCs) under the Paris Agreement.

The Minister underscored the critical need for supply chain resilience and deep innovation to achieve energy self-reliance. He revealed a landmark ₹1 lakh crore Research, Development and Innovation Fund recently approved by the Union Cabinet to propel India’s leadership in next-gen battery technologies. He added that this fund, under the leadership of Prime Minister Narendra Modi, has the potential to rival the ₹6–7 lakh crore R&D investments seen in advanced economies, given India’s cost advantages.

Key Announcements and Sector Milestones

India’s solar photovoltaic module manufacturing capacity has surged 38-fold over the past decade. India’s photovoltaic cell production has increased 21-fold. Initiatives like the PM Surya Ghar Yojana and PM-KUSUM continue to promote decentralized renewable adoption, especially in agriculture. Initiatives like the PM Surya Ghar Yojana and PM-KUSUM continue to promote decentralized renewable adoption, especially in agriculture.

Goyal also mentioned the government’s Production Linked Incentive (PLI) scheme aimed at boosting the manufacturing of Advanced Chemistry Cells (ACC).

Four-Pronged Strategy for Energy Independence

Goyal laid out a comprehensive four-pillar roadmap:

1. Targeted Innovation: Focus on next-gen battery chemistries, solid-state and hybrid storage, and circular supply chains.
2. Infrastructure Development: Collaborative push for EV charging and battery swapping networks.
3. Supply Chain Resilience: Diversify away from geography-specific dependencies.
4. Full Value Chain Ecosystem: Embrace domestic production across raw materials, semiconductors, battery packs, and recycling systems.

“Ensuring energy security for our citizens is not just a priority but also a responsibility,” said the Minister, quoting Prime Minister Narendra Modi.

Focus on Storage and Sustainability

Goyal emphasised that energy storage through batteries, pumped hydro, geothermal, and nuclear will be central to achieving India’s clean energy goals. He highlighted that the energy sector will be a critical driver in India’s broader transition to renewable power, as demonstrated by the decade-long progress already made. He praised examples like Palli village in Jammu and Kashmir, India’s first carbon-neutral panchayat, and the IESW venue Yashobhoomi for setting sustainability benchmarks.

About India Energy Storage Week (IESW)

IESW is a flagship energy industry event convening stakeholders from the green hydrogen, battery manufacturing, e-mobility, and storage sectors. The 11th edition hosted global policymakers, technologists, and investors to steer India’s clean energy transition through policy, skill development, and technological innovation.

REF: https://www.pib.gov.in/PressReleaseIframePage.aspx?PRID=2143701

Disclaimer:  At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations