Indian Renewable Energy Industry Analysis

India had a fully renewable energy capacity of 168.9 GW, including 67.82 GW of solar power and 43.20 of wind power (as of May 30, 2023).

Advantage India

Robust
Demand

* In June 2021, Prime Minister Mr. 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$ 14.12 billion between April 2000-March 2023.

* 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.

* India launched the Mission Innovation CleanTech Exchange, a global initiative that will help accelerate clean energy innovation.

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: Aug, 2023

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