Renewable Energy Sector Analysis:

Here is some information on the renewable energy sector in India for years 2023 and 2024.

1. India is the 3rd largest energy consuming country in the world and stands 4th globally in Renewable
Energy Installed Capacity (including Large Hydro), 4th in Wind Power capacity & 4th in Solar Power
capacity (as per REN21 Renewables 2022 Global Status Report).
2. India has set an enhanced target at the COP26 of 500 GW of non-fossil fuel based energy by 2030.
3. India’s installed non-fossil fuel capacity has increased 396% in the last 8.5 years and stands at
more than 178.79 Giga Watts (including large Hydro), which is about 43% of the country’s total
capacity (as on May 2023).
4. India saw the highest year on year growth in renewable energy additions of 9.83% in 20221.
5. The installed solar energy capacity has increased by 24.4 times in the last 9 years, and stands at
66.7 GW as of May 2023.
6. The installed Renewable energy capacity (including large hydro) has seen an increase of around
128 % since 2014.
7. FDI of up to 100% is allowed in the renewable energy industry under the automatic route, with no
prior government approval needed.
8. Up to 100% FDI is allowed under the automatic route for renewable energy generation and
distribution projects subject to provisions of The Electricity Act, 2003.
9. In Budget 2023-24, Green Growth identified is one of the nodes in the SAPTARISHI (seven
priorities).
10. In Budget 2023-24, pumped storage projects received a push with a detailed framework to be
formulated.

References:

1. investindia.gov.in

2. ibef.org

3. economictimes.indiatimes.com