homeenvironment NewsWill Budget 2023 successfully power India's renewable sector

Will Budget 2023 successfully power India's renewable sector

Will Budget 2023 successfully power India's renewable sector
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By Yash Jain  Jan 31, 2023 8:52:26 PM IST (Updated)

Solar holds the largest share of over 36 percent out of the total installed renewable energy capacity in India. Large and small hydro projects form 31 percent of the total capacity, whereas wind energy takes a smaller share of 25 percent.

The installed renewable energy capacity in India has grown at 118 percent between 2014 and 2022, and it stands at 166.4 gigawatt (GW). Despite this exponential growth in the previous decade, India is still far away from its 2030 target of achieving 500 GW of renewable energy or 50 percent of its total installed power capacity. The tall target set by India for itself boils down to adding approximately 50 GW each year.

Solar holds the largest share of over 36 percent out of the total installed renewable energy capacity in India. Large and small hydro projects form 31 percent of the total capacity, whereas wind energy takes a smaller share of 25 percent.
Government policies coupled with deflation in prices of raw materials have helped the solar sector increase its capacity by 18 times in the last seven years. The Indian government knows that if India wants to become Atma Nirbhar in its energy requirements then solar energy will become the most crucial piece in the puzzle.
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