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India's Renewable Energy Sector Surges to New Heights in FY24

The fiscal year ending March 31, 2024, marked a key moment for India's renewable energy sector, witnessing growth and capacity additions.

April 12, 2024. By Abha Rustagi

In response to mounting global concerns over the impact of anthropogenic greenhouse gases on climate change, nations worldwide are intensifying efforts to curb emissions and embrace renewable energy solutions. India, with its ambitious renewable energy targets and burgeoning industry, stands at the forefront of this green revolution.

Renewable Energy as the Cornerstone of Sustainable Development

Recognizing the imperative for sustainable development, India has prioritized securing access to affordable, reliable, and modern energy services while simultaneously reducing greenhouse gas emissions. This dual objective emphasizes the nation's commitment to addressing poverty and combating global warming through the adoption of renewable energy sources.

Policy Emphasis on Diversification and Sustainability

India has embarked on a multifaceted approach centered on diversifying its energy mix and leveraging innovative, eco-friendly technologies. This strategy aims to reduce reliance on primary fossil fuels while optimizing the utilization of diverse energy resources, including wind, solar, biomass, small hydro, and cogeneration bagasse.

Record-breaking Achievements in FY24

The fiscal year ending March 31, 2024, marked a key moment for India's renewable energy sector, witnessing growth and capacity additions. Strengthened by a strong performance in the solar power segment, the country achieved its highest-ever annual new capacity addition to the grid.

According to the latest data from the Union Ministry of New and Renewable Energy, the total new capacity added during FY24 soared to 18,485 MW, surpassing the previous record set in FY23. Notably, the solar power segment accounted for 81 percent of this new capacity.

Solar Power Dominance and Rooftop Revolution

In FY24, the solar power sector witnessed notable expansion, with a 18 percent increase in new capacity addition compared to the preceding fiscal year.

The utility-scale solar segment led the charge, adding 11.5 GW, while the rooftop solar segment experienced a surge, contributing 2,992 MW to the nation's solar capacity.

The surge in rooftop solar installations can be attributed to various factors, including government incentives such as the exemption of the Approved List of Models and Manufacturers (ALMM) until March 2024, coupled with policies like PM Suryodaya Yojana and PM Suryaghar Muft Bijli Yojana.

Leading States in Solar and Wind Installations

Among the states, Rajasthan, Gujarat, and Tamil Nadu emerged as leaders in large-scale solar installations during FY24. Gujarat, in particular, distinguished itself by installing the maximum rooftop solar capacity, followed closely by Maharashtra and Rajasthan.

In the wind power sector, Gujarat maintained its position as the top state for installations, surpassing Tamil Nadu. With an annual capacity addition of over 3000 MW, the wind power sector experienced a resurgence in FY24, further strengthening India's renewable energy portfolio.

Total Renewable Energy Capacity and Future Outlook

As of March 31, 2024, India's total renewable energy capacity stood at 144 GW, including large hydro capacity. Of this, the solar power segment accounted for 82 GW, while wind power contributed 46 GW, highlighting the substantial progress made in diversifying the nation's energy sources.

Looking ahead, India's renewable energy sector is poised for continued growth and innovation, driven by favorable government policies, technological advancements, and increasing public awareness of the importance of sustainable development.

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