Context:

India's renewable energy (RE) capacity has seen a remarkable growth of 165% over the past decade, reaching 203.1 Gigawatts (GW) in 2024, according to the Union Minister of MNRE while responding to a debate in Rajyasabha. 

India’s current Renewable Energy Capacity:

• Solar energy capacity has expanded dramatically from 2.82 GW in March 2014 to 85.47 GW by June 2024, marking an increase of approximately 30 times.
• India now ranks 4th globally in installed renewable energy capacity, with 4th position in wind power capacity and 5th in solar photovoltaic (PV) capacity.
• First-time installed capacity from non-fossil fuel sources has crossed 200 GW, including:
• 85.47 GW of solar power
• 46.93 GW of large hydro
• 46.66 GW of wind power
• 10.95 GW of biopower
• 5.00 GW of small hydropower 
• The share of non-fossil fuel in the total installed capacity has increased from 32.30% in 2013-14 to 45.54% in 2024-25 (up to June 2024).
• Total renewable energy generation in India has increased from 193.50 billion units (BU) in 2013-14 to 359.89 BU in 2023-24, an 86% increase.
• Solar power tariff has drastically come down from Rs.10.95 per unit in 2010-11 to Rs.2.60 in 2023-24.
• India has received a total FDI Equity investment amounting to USD 6,137.39 Million in the renewable energy sector, during the last three financial years and the current financial year (till 30.09.2023).

Government steps taken to boost India’s renewable energy:

• Foreign Direct Investment (FDI) in the renewable energy sector is permitted up to 100% under the automatic route.
• Launch of schemes such as Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan  (PM-KUSUM), PM Surya Ghar Muft Bijli Yojana, etc.
• The National Green Hydrogen Mission (NHGM) was established to position India as a global center for the production, use, and export of green hydrogen and its derivatives.
• Announcement of trajectory for Renewable Purchase Obligation (RPO) till the year 2029-30.
• AatmaNirbhar Bharat: PLI scheme in Solar PV manufacturing with financial outlays of INR 24,000 Cr introduced under AatmaNirbhar Bharat. Imposition of Basic Customs Duty of 25% on Solar Cell & 40% on Solar PV Modules w.e.f. 01.04.2022.
• Prime Minister COP26's commitment to reach 500 GW of installed electricity capacity from non-fossil sources by 2030 further underscores India's commitment to clean energy.
• The government's focus on renewable energy is evident from the increased budgetary allocation to the Ministry of New and Renewable Energy, which has almost doubled from Rs 10,000 crores last year to more than Rs 20,000 crores this year. 
• This investment in the renewable energy sector is crucial for achieving India's sustainable development goals and reducing its carbon footprint.