New Delhi, Sept 23: Union Minister for New and Renewable Energy, Pralhad Joshi, announced that the recent reduction in Goods and Services Tax (GST) on renewable energy equipment from 18% to 5% could save investors between ₹1 lakh crore and ₹1.5 lakh crore by 2030. This move is aimed at supporting India’s goal of reaching 500 GW of renewable energy capacity by the end of the decade. The GST cut, effective from September 22, 2025, is expected to lower the cost of renewable energy projects. He noted that the change would boost investor confidence and help India add around 248 GW of renewable energy capacity over the next five years. The Ministry of New and Renewable Energy estimates that the GST reduction will save ₹1,750 crore on 10 lakh solar pumps under the PM-KUSUM scheme.