New Delhi, Mar 27 (PTI) India is on track to achieve the 500 GW renewable energy target by 2030 as investment commitments of Rs 32 lakh crore have been received, Union Minister for New & Renewable Energy Pralhad Joshi said on Thursday.

Addressing a session at Times Now Summit 2025, Joshi said renewable energy project bids are out for a capacity of around 169 GW, and the country has crossed 223 GW of non-fossil-fuel capacity, including 103 GW solar and nearly 50 GW wind capacity.

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He also said that the government has come out with viability gap funding as far as offshore wind projects are concerned.

"We are quite on track … I am quite confident that we will achieve 500 GW by 2030 and we are the third largest producer of renewable energy in the entire world," Joshi said.

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According to the minister, there are investment commitments of Rs 32 lakh crore in the domestic renewable energy sector which is growing at a healthy pace.

"We have received a commitment of Rs 32 lakh crore investments. I am quite confident that this will be realised. The banks are also enthusiastic because anyone would look at profit and investing here is profitable," he said.

He further said that a detailed workshop with CEOs and MDs of both private and public sector banks, and NBFCs and the heads was conducted recently to apprise them about opportunities in green project financing.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)