Renewable Energy Industry in India

India witnessed the fastest growth rate in renewable energy capacity addition among all major economies in the last 7.5 years with renewable energy capacity growing 1.97x and solar energy 18x.

Advantage India

Robust
Demand

* In June 2021, Prime Minister Narendra Modi stated that renewable energy capacity in India increased by 250% between 2014 and 2021.

* The Central Electricity Authority estimates India’s power requirement to grow to reach 817 GW by 2030. Most of the demand will come from real estate and transport sectors.

Increasing
Investments

* Non-conventional energy sector received FDI inflow of US$ 11.21 billion between April 2000 and December 2021.

* Rising foreign investment in the renewable sector (such as the US$ 75 billion investment from the UAE) is expected to promote further investments in the country.

Policy
Support

* In the Union Budget 2022-23, the government allocated Rs. 19,500 crore (US$ 2.57 billion) for a PLI scheme to boost manufacturing of high-efficiency solar modules.

* In June 2021, India launched the Mission Innovation CleanTech Exchange, a global initiative that will accelerate clean energy innovation among countries.

Competitive
Advantage

* Globally, India ranks fourth in renewable energy capacity and wind power and fifth in solar power capacity.

* In October 2021, India retained its third rank on the EY Renewable Energy Country Attractive Index 2021.

Last updated: May, 2022

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