Union minister of commerce and industry Piyush Goyal on Monday said Gujarat model of renewable energy will play a key role in helping India reach its target of 500 GW renewable energy by 2030.

Speaking at a seminar on Solar Dividends during the Vibrant Gujarat Regional Conference in Rajkot, Goyal said two central government schemes have helped people become self-reliant in energy through solar power.

"The previous government set a target of 20,000 MW of renewable energy by 2030, but soon after taking charge in 2014, PM Modi set a target of 1 lakh MW renewable energy capacity by 2022,” he said.

Goyal said several reforms led to the rapid expansion of renewable energy projects across the country. He also pointed out that the cost of solar power came down sharply due to the reverse auction mechanism.

Highlighting Gujarat’s role, he said, "Gujarat is a leading state in renewable energy, and the state alone set a target of 100 GW renewable energy by 2030, which will help the country achieve the 500 GW renewable energy target."

Calling Gujarat the growth engine of India, Goyal said the state’s progress will drive the country’s overall development.

He also spoke about the impact of the Vibrant Gujarat initiative. He said, "Gujarat initiated Vibrant Gujarat summits, and all other states now started similar initiatives, and various states are competing to attract investments."

Referring to the new regional summits, he added, "Now, Gujarat started organising regional summits, and other states will also get inspiration from this. Ultimately, I foresee that in the coming years, various districts will compete to receive more investments."

Goyal said India currently has around 50% renewable energy capacity out of its total 500 GW power generation capacity and is now moving towards achieving 500 GW renewable energy capacity alone.

He also highlighted the impact of government schemes and said, "PM Surya Ghar and PM Kusum schemes empowered common people and farmers in utilising solar energy."

Reliance’s heavy investments in Gujarat

Meanwhile, Reliance Industries chairman Mukesh Ambani on Sunday announced that the group will double its investment in Gujarat, committing ₹7 lakh crore over the next five years. Speaking at the Vibrant Gujarat Regional Summit in Rajkot, Ambani described the investment as a “Sankalp” or vow to turn the state’s potential into real performance.

This comes after Reliance invested ₹3.5 lakh crore in Gujarat during the last five years between 2021 and 2026. The new plan also shows the company’s shift towards a green and digital economy, moving away from its traditional focus on hydrocarbons.