India’s renewable energy sector has achieved significant milestones, with solar power capacity reaching 100 GW and wind power capacity reaching 48 GW. However, according to the CEO of India’s policy think tank NITI Aayog, the sector faces challenges related to manufacturing components and access to critical materials, which could impact future growth.
To encourage private participation in nuclear power generation, the Ministry of Power and the Department of Atomic Energy are working on amendments to the Electricity Act and nuclear damage liability laws. Additionally, India is considering the adoption of small modular reactors (SMRs) for nuclear power generation. These reactors could also be used by industries such as cement and steel to meet their energy needs.
On the trade front, the Ministry of Commerce and Industry has set a target of $2 trillion in exports by 2030-31, requiring an annual growth rate of 14.4%. However, officials acknowledge that this goal appears daunting due to increasing U.S. tariffs and policies like the Chips Act. Additionally, India‘s export sector will require credit support of $650 billion by 2030 to sustain and achieve this growth trajectory.
