India is poised to achieve energy self-sufficiency for the first time in its history, driven by solar power and electric mobility, according to the CEO of Essar Group, Mr. Prashant Ruia. He highlighted that for the past 50 years, India has heavily relied on imported oil and gas, with 85% of its energy needs met through imports. However, due to the country’s abundant wind and solar resources and advancements in technology, India now has the opportunity to generate energy domestically at a very low cost. This shift in energy generation is seen as a significant step towards energy independence.

He emphasized that India’s energy transition is supported by inherent cost advantages, unlike Europe, which faces higher energy costs due to limited access to cheap energy sources. He pointed out that solutions like hydrogen, nuclear power, and offshore wind in Europe are more expensive and require subsidies to meet net-zero targets. In contrast, India benefits from low-cost energy that does not need significant subsidies. Essar Group invests in new businesses aligned with India’s energy transition goals, positioning the country to capitalize on its energy independence in the coming years.

Industry leaders anticipate an increase of over 35 gigawatts in renewable energy capacity by 2025. Capacity-wise, India has already established about 203 GW of renewable energy, including solar energy from sources that contribute about 94 GW. This makes it imperative to add an additional 300 GW in the next five years to achieve the ambitious 500 GW target. To cut down its carbon intensity, India has proposed reduction in carbon intensity of the economy to less than 45 % at the end of the decade, to make an electricity generation such that at least 50 % of all cumulative electric power installations would be through non-fossil fuel-based sources by 2030.