India On Path To Self-Reliance In Renewable Energy Space, Says Waaree Energies CEO

India is making significant strides toward self-sufficiency in the renewable energy sector, according to Amit Paithankar, Whole-time Director and CEO of Waaree Energies. Speaking to NDTV Profit, Paithankar highlighted the country’s ambitious targets and the rapid expansion of domestic manufacturing capabilities in solar energy.

“In terms of Aatmanirbharta, demand is the key driver,” Paithankar said, referring to India’s push for self-reliance. He noted that India is expected to reach 290 GW of solar capacity by 2030, with a long-term goal of 1800 GW by 2047. “From a self-reliance perspective, we are making steadfast moves,” he added, pointing out that while module manufacturing was already underway two years ago, cell manufacturing has now scaled up to 25–30 GW.

The government’s push to localise the entire solar value chain, including ingots and wafers, is a major step forward. “Rome wasn’t built in a day,” Paithankar remarked, acknowledging the time required for full-scale transformation. “In the next three to five years, we will see a completely different India, which is self-reliant as far as the entire solar chain is concerned.”

Paithankar also praised the government’s supportive policies and the industry’s expansion plans, which he believes will play a crucial role in achieving energy independence. “The expansion plans have been really encouraging,” he said, emphasising the importance of building domestic capabilities to reduce reliance on imported components, particularly from China.

On a side note, earlier in Septmeber, Paithankar said that the reduced GST (Goods and Services Tax) rates, introduced by the government can "materially change" the landscape for India's solar industry by significantly boosting demand and reducing project costs.

“GST 2.0 will definitely change life materially for all of us. There are three things that one would need to look at. The project cost is slated to go down by about 5%. The input cost for projects will go down.  The end consumers will benefit. For instance, consumers in the PM Surya Ghar Yojana have a direct benefit of GST,” he told NDTV Profit