The Economic Survey 2024 reveals significant strides in India’s green transition, aiming for 500 GW of renewable energy capacity by 2030. As of March 31, 2024, India’s renewable energy installed capacity has reached 190.57 GW, 43.12 per cent of the nation’s total power generation capacity.
The survey highlights advancements in India’s power transmission infrastructure, which now supports the transfer of 118,740 MW across a network of 485,544 ckm with a transformation capacity of 1,251,080 MVA. This upgrade is crucial as the country’s peak electricity demand surged by 13 per cent to 243 GW in FY24.
In line with global climate commitments, India plans to source 50 per cent of its electricity from non-fossil fuel sources by 2030. Investments in the renewable sector have been substantial, with Rs 8.5 lakh crore invested between 2014 and 2023, and an anticipated Rs 30.5 lakh crore influx from 2024 to 2030. According to the National Electricity Plan, the share of non-fossil fuel-based capacity is expected to rise from 46 per cent in 2023-24 to 64.4 per cent by 2029-30.