India will soon become world's third largest economy: Union Minister Pralhad Joshi

New Delhi: Union Minister Pralhad Joshi said India will soon become the world's third-largest economy and underlined the need for greater investment in sustainability and grid stability.

He was speaking at a panel discussion organised by the CII on the sidelines of the World Economic Forum Annual Meeting at Davos.

Despite substantial renewable energy investment over the past decade, significantly more is required to reach the 500 GW target by 2030, he said.

Joshi said India has already begun modernising its grid through digitalisation, smart metering, and decentralised renewable energy, which has strengthened system resilience and empowered citizens.

Emphasising India’s scale and speed of execution, he noted that solar tariffs have declined by nearly 80 per cent, renewable energy coupled with storage has become cost-competitive, green hydrogen and green ammonia prices discovered in India are among the most competitive globally, and domestic renewable energy manufacturing capacity has expanded to 144 GW, positioning India not only as a major clean energy market but also as a reliable global manufacturing and investment hub on the path towards Viksit Bharat 2047.

As India moves from the fourth-largest to the third-largest economy soon, the key need now is to ensure grid stability, he said.

While India is progressing with grid-forming technologies, support through technology sharing from developed countries, along with blended finance and capital investment, remains pivotal, he said

The minister said India offers strong returns on investment, supported by a stable regulatory regime and consistent policies that have helped transform it from a fragile economy into a global growth leader.