Accelerating Green Momentum

India's renewable energy sector, buoyed by record growth, awaits Budget 2025, with industry executives calling for continued robust policy support

- Arjun Yadav

The year 2024 ended enthusiastically for India's renewable energy (RE) industry, particularly solar, as the country's installed green capacity hit 214 gigawatts (GW), according to data released by the Ministry of New and Renewable Energy (MNRE). Between April and November 2024, India added nearly 15 GW of renewable energy capacity, which is double the 7.57 GW added during the same period in 2023. The trajectory's picking up pace bodes well for India's ambitious target of hitting 500 GW of non-fossil fuel energy capacity by 2030. With this, solar capacity reached 94.17 GW in 2024, and wind energy capacity stands at 47.96 GW. After sluggish capacity addition in the past years, the pace of addition in the wind sector also picked up, given the thrust on round-the-clock (RTC) projects. The PM Surya Ghar: Muft Bijli Yojana, announced by Prime Minister Narendra Modi in 2024 at the Ram Mandir Consecration Ceremony, achieved 7 lakh installations in the period. This marks a 10-fold increase in monthly installations compared to pre-announcement levels. Industry players see a 30-gigawatt opportunity over the next 4-5 years. The Union Budget 2024-25 played a crucial role in catalysing some of the developments, such as the Rs 10,000 crore budget allocation for gird-based solar power schemes and viability gap funding for developing 1 gigawatt of offshore wind energy capacity.

Manufacturing