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India adds record 18 GW renewable energy (RE) capacity in FY24

Why is it in the news?

  • India added a record 18 GW of renewable energy (RE) capacity in the fiscal year 2023-24, marking a significant increase of 21% compared to the previous year.

More about the news

  • Solar installations led the surge, contributing 12.78 GW, while wind energy added 2.27 GW to the RE capacity.
  • India’s installed RE capacity has seen substantial growth, rising from 76.37 GW in 2014 to 178.98 GW in October 2023, almost 2.34 times increase within this period.
  • India has set ambitious targets for renewable energy, aiming to achieve a non-fossil fuel energy capacity of 500 GW by 2030 and fulfilling at least half of its energy requirements through RE by the same year.
  • The government has introduced various schemes and policies to promote RE, including setting up Ultra Mega Renewable Energy Parks, implementing the PM-KUSUM scheme, and offering incentives under the PLI Scheme for Solar PV Modules.
  • Regulatory measures like the Green Energy Open Access Rules 2022 and the Wind-Solar Hybrid Policy 2018 have been implemented to encourage the adoption of renewable energy.
  • Despite the growth, challenges remain, including the variability and unpredictability of RE sources, high costs, the need for new infrastructure development, financial constraints of power distribution companies, and transmission and grid integration issues. Additionally, there are disparities in the geographical adoption of renewables across the country.
·       Currently, renewables account for 41.4% of India’s total energy mix, with wind power (45.15 GW), solar power (75.57 GW), biomass/co-generation (10.2 GW), small hydro power (4.99 GW), waste to energy (0.58 GW), and large hydro (46.92 GW) contributing to the overall installed capacity.

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