Economic Survey 2023-24: India's Clean Energy Sector Attracts INR 8.5 Lakh Crore Investment
The clean energy sector in India saw new investment of INR 8.5 lakh crore between 2014 and 2023, the Economic Survey 2023-24 highlights.
July 23, 2024. By Abha Rustagi
According to the Survey, India's power transmission network has evolved into one of the largest unified electricity grids in the world. “Power transmission in India is connected into one grid running on one frequency with the inter-regional capability of transferring 1,18,740 MW. It is emerging as one of the largest unified electricity grids in the world”, states the Economic Survey 2023-24.
The grid operates on a single frequency, with an inter-regional transfer capability of 1,18,740 MW. As of March 31, 2024, the transmission system has expanded to 4,85,544 circuit kilometers of transmission lines and 12,51,080 MVA of transformation capacity.
The government of India has accelerated its efforts to enhance the sector and meet the continuously rising demand for electricity in the country. The peak electricity demand increased by 13 percent to 243 GW in FY24. Between FY23 and FY24, the Survey says, the maximum rise in electricity generation was recorded in renewable energy resources for utilities.
As per the Economic Survey, a total of 2.86 crore households have been electrified since the launch of the Saubhagya in October 2017 under various schemes. Further, it states that the implementation of Electricity (late payment surcharge and related matters) Rules, 2022 has given relief to the DISCOMs, as well as electricity consumers and generating companies.
Under United Nations Framework Convention on Climate Change India has committed to achieve about 50 percent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. The Ministry of New and Renewable Energy (MNRE) is working towards achieving 500 GW of installed electricity capacity from non-fossil sources by 2030.
The Economic Survey states that, as of 31 March 2024, a total of 190.57 GW of RE capacity has been installed in the country. The share of RE in the total installed generation capacity in the country stands at 43.12 percent, it notes.
The clean energy sector in India saw new investment of INR 8.5 lakh crore between 2014 and 2023, the Survey highlights. It says that the RE sector is expected to attract investments of about INR 30.5 lakh crore in India between 2024 and 2030 and this would create significant economic opportunities across the value chain.
Commenting on the Economic Survey 2024, Sumant Sinha, Founder, Chairman and CEO, ReNew, said, "The Economic Survey tabled by the Honorable FM highlights the remarkable resilience and growth trajectory of the Indian economy. An average annual growth rate of 6.6 percent over the past decade underscores India's consistent economic strength, while the 8.2 percent growth in FY24 reflects the country's ability to grow amidst global uncertainties and a challenging macro environment. Among its peers, India was the only country to take a high-growth, low-inflation path in the period FY22-24."
"The country’s clean energy and green economy initiatives have been noteworthy, with the renewable energy sector attracting investment of INR 8.5 lakh crore between 2014 and 2023, with further projections of INR 30.5 lakh crore by 2030," he added.
As per the National Electricity Plan of the Central Electricity Authority (CEA), the Survey mentions that the non-fossil fuel (hydro, nuclear, solar, wind, biomass, small hydro, pump storage pumps) based capacity which is around 203.4 GW (46 percent of the total) out of 441.9 GW of total installed capacity in 2023-24 is likely to increase to 349 GW (57.3 percent) in 2026-27, and 500.6 GW (64.4 percent) in 2029-30.
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