In the words of Union Power Minister R K Singh, India is on track to become one of the largest solar module manufacturers and to have the fastest growing renewable energy capacity. He noted that India has significant existing solar manufacturing capacity and that "even larger capacities, including polysilicon, are under construction."

"India is poised to become a global powerhouse in renewable energy, including green hydrogen, fostering a robust ecosystem," Singh said at an ICRA event in the national capital. "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.

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.

Furthermore, he stated that the country is on track to meet the target of 50% renewable energy capacity share well ahead of the NDC's 2030 deadline. According to Singh, India has one of the world's fastest-growing economies, but its per capita greenhouse gas emissions are significantly lower than the global average.

He stated that the country is attempting to strike a fine balance between meeting its increasing energy needs and reducing carbon emissions, and that the country remains committed to sustainable growth, renewable energy expansion, and electric vehicle adoption.