By 2030, India plans to achieve 500 GW of installed capacity from non-fossil fuels, marking a significant shift towards sustainability and energy security
India’s growth story over the past two decades has been marked by vibrant economic progress, largely driven by service exports and rising domestic consumption. As of 2024, the economy appears robust, poised to replicate its service sector success by transforming into a global manufacturing hub to leverage its demographic dividend.
A robust manufacturing sector necessitates significant resources, with power being a crucial component. Despite this, India’s per capita electricity consumption remains low compared to global averages. As the country embarks on its manufacturing-focused era, electricity demand is expected to rise significantly. To meet this demand while adhering to climate commitments, India plans to add new electricity generating capacity primarily from non-fossil fuel sources. The goal is to achieve 500 GW of installed non-fossil fuel capacity by 2030.
By May 31, 2024, India’s non-fossil fuel-based power generation capacity stood at 201.7 GW, with renewable energy, including small hydro projects, contributing 146.6 GW. To meet growing demands, a significant increase in renewable energy capacity is anticipated, supported by the renewable energy procurement roadmap from the Ministry of New and Renewable Energy (MNRE), which targets 50 GW of bids annually from FY 2023-24 to FY 2027-28.