Growth of Renewable Energy Industry in India - Infographic

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

*Ministry of New and Renewable Energy targets 500 GW non-fossil-based electricity generation by 2030, as per the Prime Minister's COP26 announcement, with an added installation of 13.5 GW renewable energy capacity in 2023, corresponding to an investment of around Rs. 74,000 crores (US$ 8.90 billion).

*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

*In the Interim Budget for 2024-2025, The fiscal allocation for solar power grid infrastructure development surged to Rs. 8,500 Crore (US$ 1.02 billion), a significant rise from the previous year’s Rs. 4,970 Crore (US$ 0.60 billion).

*Further, Rs. 17,490 crores (US$ 2.10 billion) were allocated for the Green Hydrogen Mission and the Strategic Interventions for Green Hydrogen Transition (SIGHT) Program.

*India's installed renewable energy capacity is expected to increase to about 170 GW by March 2025 from the level of 136.57 GW as of December 2023, according to research agency ICRA.

Policy
Support

*On October 8, 2023, India and Saudi Arabia signed an MoU for green hydrogen supply chain and power grid interconnection during MENA Climate Week in Riyadh. The agreement aims to foster cooperation in renewable energy, electrical interconnection, and green hydrogen production.

Competitive
Advantage

* India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2023.

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

Last updated: May, 2024

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