Working towards making India’s energy transition a model for the world – strong in ambition, steady in execution and inclusive in impact: Shripad Yesso Naik
NEW DELHI, 26 February 2026: Mr Shripad Yesso Naik, Minister of State for Power and New & Renewable Energy, Govt of India today stated that India’s energy transition is not just an aspiration but is an ongoing transformation, anchored with clear targets with decisive decisions. “Under the Prime Minister Mr Modi’s vision, India has set ambitious goal of 500 GW of non-fossil fuel capacity by 2030 and progressing towards Net Zero by 2070,” he added.
Addressing the two-day ‘India Energy Transition Summit’, organized by FICCI, Mr Naik stated that today, the total power installed capacity has crossed 520 GW with more than half coming from non-fossil sources. Solar capacity has more than tripled in recent years and renewable energy is now mainstream and not marginal. “This progress reflects the policy clarity, transparent competitive bidding, expansion of green energy corridors, promotion of ultra mega renewable energy parks, roof top solar through PM Surya Ghar Yojna, agricultural solarization through PM KUSUM Yojna along with strong push for domestic manufacturing,” he noted.
The Minister further stated that through the National Green Hydrogen Mission, government is creating the next growth frontier enabling industrial decarbonization, reducing import dependence and strengthening India’s position in emerging global value chain. “Sustaining this momentum require moving beyond capacity addition, the system integration. We must strengthen transmission network, scale-up storage solutions, improve grid flexibility and ensure financial sustainability of distribution companies. Energy security, affordability and inclusivity must remain at the core of the approach,” highlighted Mr Naik.
He also added that industrial decarbonization will be central to next phase of transition, hard-to-abate sectors like steel, cement, chemicals and refining must adopt clean technology, green hydrogen electrification and innovative financing models. “Collaboration between government, industry, financial institution and global partners will determine the speed and success of this transformation,” emphasized the Minister.
He added that India’s energy transition is not about only reducing emission, but it is about enhancing competitiveness, generating employment, strengthening energy independence and building a resilient economy. “It is also about ensuring a clean energy power growth across villages, cities, MSMEs and industry. Together, let us sustain the momentum and make India’s energy transition a model for the world – strong in ambition, steady in execution and inclusive in impact,” asserted Mr Naik.
Mr Ghanshyam Prasad, Chairperson, Central Electricity Authority, Govt of India, said India’s energy transition is now backed by structured, long-term system planning. With a comprehensive roadmap prepared under NITI Aayog in coordination with the Central Electricity Authority, the country has moved from ambition to actionable strategy, focusing on resource adequacy, electrification, storage, and transmission planning up to 2070.
He further stated that the next phase of the transition will require balancing renewable expansion with grid stability, market reforms, and financial sustainability. Emphasis on pumped hydro, battery storage, nuclear capacity expansion, carbon markets, and policy reforms signals a shift from capacity addition to system resilience and reliability, added Mr Prasad.
Mr Prasad further said that India’s energy transition is not confined to one segment, it requires coordinated action from government, regulators, developers, financial institutions, and consumers. “Only through collective effort can we build a secure, affordable, and sustainable energy future,” he highlighted.
Ms Gisela Kristoferitsc, Deputy Head of Mission, Embassy of Austria in India, said ‘’ I am truly impressed not only by the ambitious targets India has set for itself, but even more by the remarkable progress already achieved. Coming from Austria, where nearly 90% of electricity is renewable, I deeply admire the scale, speed, and inclusiveness of India’s energy transition, which is driving economic growth while strengthening resilience and global cooperation.”
Mr Pinaki Bhattacharyya, Co-Chair, FICCI RE CEOs Committee and Founder, Managing Director & CEO, AMPIN Energy Transition said, “India is today one of the largest and fastest-growing renewable energy markets in the world. The energy transition is like a four-wheel journey, policy support, finance, developers, and consumers must move in perfect alignment. When these four forces work together, we can accelerate toward our 2030 milestones and the long-term vision of net zero by 2070, he added.
Mr Dinesh Batra, Co-Chair, FICCI Power Committee & Executive Vice President, Hindustan Power Projects said that as we move toward our 2070 net-zero vision, success will depend on how well we balance green growth with energy security, affordability, and system reliability.
Mr Sandy Khera, Chair, FICCI RE Developers Taskforce and Country Manager & CEO, Enel Green Power, added that this transition is no longer a distant vision, it is central to India’s economic future. With stability, flexibility, and disciplined execution, India can lead the global energy transition through scale, innovation, and inclusive growth, he noted.
Mr Prabir Neogi, Mentor, FICCI Power Committee said, “Achieving our clean energy goals will require strong policy alignment, grid and storage readiness, financial innovation, and disciplined execution. If we remain guided by reliability, affordability, sustainability, and inclusiveness, India is well-positioned to lead the global transition with scale and conviction.
FICCI CRISIL Report on Energy Storage and FICCI Souvenir on India’s Energy Transition were released during the inaugural session.