India’s Renewable Energy Capacity Reaches 190.57 GW

India's renewable energy capacity has hit 190.57 GW as of March 31, 2023, according to the Economic Survey 2023-24. This represents 43.1 percent of the nation’s total installed generation capacity. On August 26, 2022, India updated its nationally determined contributions to the United Nations Framework Convention on Climate Change, committing to achieve about 50 percent of its cumulative electric power installed capacity from non-fossil fuel-based energy sources by 2030.

The Ministry of New and Renewable Energy is also working towards a target of 500 GW of installed electricity capacity from non-fossil sources by the same year, said the survey. Further, frrom 2014 to 2023, the clean energy sector in India attracted investments totaling INR 8.5 lakh crore (USD 102.4 billion). Looking ahead, the renewable energy sector is projected to attract an additional INR 30.5 lakh crore (USD 370 billion) between 2024 and 2030, generating economic opportunities across the value chain. Additionally, from April 2000 to March 2024, the sector received approximately USD 17.88 billion in foreign direct investment (FDI).

The survey further informed that India submitted its updated, nationally determined contributions to the United Nations Framework Convention on Climate Change on August 26, 2022, committing to achieve about 50 percent of its cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. The Ministry of New and Renewable Energy is working towards achieving 500 GW of installed electricity capacity from non-fossil sources by 2030.

Between 2014 and 2023, the clean energy sector in India attracted new investments totaling INR 8.5 lakh crore (USD 102.4 billion). Looking ahead, the renewable energy (RE) sector is expected to attract investments of about INR 30.5 lakh crore (USD 370 billion) between 2024 and 2030. This influx of capital is anticipated to create significant economic opportunities across the value chain.

Additionally, from April 2000 until March 2024,the RE sector received approximately USD 17.88 billion in foreign direct investment (FDI), as per the survey.