DAVOS SWITZERLAND – In an exclusive interview at the World Economic Forum, Shri Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency (IREDA), outlined India’s robust progress in its transition to clean energy.
IREDA CMD Shri Das addressed global concerns regarding shifting climate goals, asserting that India’s targets are not merely ambitious but are actively being met through a matured ecosystem largely driven by private sector investment.
During the discussion with the Business Today(BT) IREDA CMD Shri Das revealed that India reached a significant milestone in 2025, achieving 49.12 gigawatts of capacity addition against a target of 50 gigawatts.
During the interview at the World Economic Forum in Davos, Pradip Kumar Das emphasized that India is undergoing a massive shift where the consumer is rapidly becoming a producer. This change is being driven by residential rooftop solar and the solarization of the agricultural sector, which empowers individuals to minimize their costs while optimizing revenue.
Shri Das explained that as more households understand the value of renewable energy, it creates a smart usage cycle that fosters widespread awareness and technical skilling among India’s large youth population.
He noted that approximately 80 percent of renewable energy developers in India are now private entities, marking a historic shift from the traditional government-led energy model. To reach the national goal of 500 gigawatts of non-fossil fuel capacity by 2030, Shri Das estimated a funding requirement of approximately 350 billion US dollars by 2028.
The IREDA Boss highlighted the rapid growth of the sector, citing a 22.6 percent compound annual growth rate in capacity addition over the last five years. He emphasized that the lowering cost of capital and the 100 percent foreign direct investment route have made India a safe and attractive zone for global investors.
IREDA CMD Shri Das also touched upon emerging technologies, noting that battery storage prices are falling and that India is currently at par with global leaders in green hydrogen development.
Discussing the internal transformation of IREDA, CMD Shri Das shared that the agency has significantly expanded its loan book from 23,000 crore rupees in 2020 to 76,000 crore rupees by March 2025.
This growth was achieved alongside a reduction in manpower and a complete transition to paperless, digital operations. Navratna CPSU Chief Shri Das concluded by stating that the current era of Indian energy is defined by self-reliance through private sector participation and sustainable governance.