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Ministers

INDIA’S 2047 DEVELOPED NATION VISION AND MISSION

Since its independence in 1947, India has transformed from a GDP of US$20 billion to one of the world's fastest-growing economies, with a current GDP of US$3.2 trillion. This remarkable growth, reflecting a 40% increase in the last decade alone, positions India on a path to achieving a US$30 trillion economy by 2047. As part of India’s Viksit Bharat 2047 roadmap, the government has embarked on many strategic development initiatives to make India a completely developed nation by 2047. It has launched the US$1.2 trillion Gati Shakti megaproject to create world-class infrastructure in the country and foster logistic synergy, and actioned Digital India, Startup India, Smart Cities, Skill India, and Make In India, all of which aim to drive economic growth.

A critical component of this growth is the development and modernisation of India’s utilities, power, and water sectors. Significant investments in renewable energy, grid infrastructure, and water management systems are driving the clean energy transition and improving resource efficiency.

GROWTH OPPORTUNITIES

India's utilities, power, and water sectors are pivotal to its economic development and social well-being, playing a crucial role in supporting its rapid urbanisation and industrialisation.India is on the cusp of a transformative energy transition. As of May 2023, the country’s total installed power generation capacity stood at 417,668 MW, with a significant contribution from renewable energy sources. Fossil fuels account for 56.8% of the installed capacity. However, renewable energy, including hydro, wind, and solar, now constitutes 43% of the total installed capacity, reflecting India's ambitious push towards sustainable energy.

COVERING THE FULL CHAIN OF PRODUCTS AND SOLUTIONS IN POWER AND UTILITIES

1

Energy Demand Growth

India’s energy demand is expected to grow by 35% by 2030 driven by urbanisation, industrialisation, and a rapidly expanding population.

2

Solar Power Capacity

India aims to achieve a target of 450 GW of renewable capacity by 2030, significantly boosting its solar power generation capabilities.

3

Battery Storage

India’s battery storage capacity is projected to reach 140 GW by 2040, supporting the integration of renewable energy sources into the grid.

4

Battery Storage Capacity

India’s cumulative grid-scale battery storage capacity is projected to reach 32 GW by 2024, enhancing grid stability and supporting renewable energy integration.

5

Energy Expenditure and FDI Inflows

Indian power sector FDI inflows reached US$18.17 billion between April 2000 and December 2023.

6

Power Generation Investment and Job Creation

The power generation industry will require a total investment of US$39.68 billion and produce 3.78 million power professional roles by 2032.