Renewable energy - #SectorUpdates

India ranks 4th in renewable energy capacity and has retained 3rd rank on the EY Renewable Energy Country Attractive Index in 2021. In 2022, India’s installed renewable energy capacity stood at 161.28 GW constituting 39.91% of the overall installed power capacity with a target of 450 GW of installed renewable energy capacity by 2030. Power generation from renewable energy has increased from 16.61 billion units in July 2021 to 18.99 billion units in 2022. The Central Electricity Authority estimates India’s  power requirement to reach 817 GW by 2030 and this will be supported by renewable sector. FDI in the sector has increased from INR 58.87 billion in FY2020-21 to INR 121.05 billion in FY2021-22 which is the highest ever in this sector. Government have come up with Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM KUSUM) aiming to boost up renewable capacity by 25,750 MW by end of 2022 and also granted financial support of Rs. 34,422 Crore for the same objective under the scheme.

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