Scientific advances and technological changes are new key partners of economic growth anddevelopment. Scientific innovation has become a new source of wealth creation, improvementin quality of life and social wellbeing. India as a developing nation is facing many economicgrowth and development challenges like unemployment, poverty, hunger, scarcity ofresources, etc. To overcome these problems, new scientific innovations in the field ofrenewable energy can provide useful solutions. In the above context, economic analysis ofJawaharlal Nehru National Solar Mission (NSM) launched in 2010 by GOI is quite relevant.The NSM provide cheap and clean source of energy and job opportunities in India. The aim ofthis paper is to analysis NSM and other solar projects from various aspects of economicgrowth and to explore areas of investment for scientific innovation in such type of projects.This study is explanatory in nature. This study concludes positively that the development ofsolar energy can give solutions to many economic problems of rural electrification,unemployment, climate change, regional development, etc. Thus, India with its increasingpopulation and limited natural resources needs to use solar energy innovatively to achieve allround development.