New Delhi: Over the past decade, India's renewable energy capacity has seen a remarkable increase, growing by 165 percent, from 76.38 Gigawatts (GW) in 2014 to 203.1 GW by 2024, as reported by Union Minister Pralhad Joshi on Tuesday.
Addressing a debate in the Rajya Sabha concerning requests for grants related to the Ministry of New and Renewable Energy, Joshi highlighted India's current position as the fourth-largest country in terms of renewable energy capacity globally, with significant progress in both solar and wind power sectors.
"I am pleased to announce that India has secured the fourth position globally in renewable energy capacity. Our standing in wind power capacity has improved to fourth place, followed by solar photovoltaic (PV) capacity at fifth, and large hydroelectricity at sixth. Additionally, we have achieved a milestone by surpassing 200 GW of capacity from non-fossil fuel sources, which includes 85.47 GW of solar power, 46.93 GW of large hydroelectricity, 46.66 GW of wind power, 10.95 GW of biopower, and 5.00 GW of small hydroelectricity," he stated.
Joshi pointed out that the capacity for solar energy has expanded significantly, increasing from 2.82 GW in March 2014 to 85.47 GW by June 2024, representing a growth of approximately 30 times.
He underscored that renewable energy has transitioned from being a choice to a fundamental requirement for India's sustainable growth and development.
"India has experienced one of the most rapid growth rates in the renewable energy sector among the world's large economies. We are in alignment with developed nations and have secured the fourth position globally in total renewable energy installed capacity," he asserted.
Joshi also mentioned Prime Minister Narendra Modi's commitment to achieving a 500 GW capacity in non-fossil fuel electricity by 2030, emphasizing that energy security is among the Government's top priorities.
"The Ministry of Renewable Energy's budget allocation has nearly doubled from Rs.10,000 crores in the previous fiscal year to over Rs.20,000 crores in the current fiscal year," he noted.
He further explained that the contribution of thermal sources to the total installed capacity has decreased from 67.69 percent in the fiscal year 2013-14 to 54.46 percent by the fiscal year 2024-25 (up to June 2024), while the proportion of non-fossil fuel sources in the total installed capacity has risen from 32.30 percent to 45.54 percent during the same period.
Joshi concluded by stating that the total renewable energy generation in India has increased from 193.50 billion units in the fiscal year 2013-14 to 359.89 billion units in the fiscal year 2023-24, marking an 86 percent increase. He also mentioned that the tariff for solar power has significantly reduced from Rs.10.95 per unit in the fiscal year 2010-11 to Rs.2.60 per unit in the fiscal year 2023-24.
