New Delhi: India's power grid has emerged as one of the largest unified electricity grids in the world, according to the Economic Survey 2023-24. The survey shows that since the launch of the Pradhan Mantri Sahaj Bijli Har Ghar Yojana (Saubhagya) in October 2017, 2.86 crore households have been electrified under various schemes.
The government has accelerated efforts to enhance the sector and meet the rising demand for electricity in the country. The peak electricity demand increased by 13% to 243 GW in FY24, with the maximum rise in electricity generation recorded in renewable energy resources for utilities.
The Renewable Energy Sector is expected to attract investments of about Rs30.5 lakh crore in India between 2024 and 2030, creating significant economic opportunities across the value chain.
As of March 31, a total of 190.57 GW of renewable energy (RE) capacity has been installed in the country, with the share of RE in the total installed generation capacity standing at 43.12 percent.
The clean energy sector in India saw a new investment of Rs 8.5 lakh crore between 2014 and 2023. The RE sector is expected to attract investments of about Rs. 30.5 lakh crore in India between 2024 and 2030, creating significant economic opportunities across the value chain.
The non-fossil fuel-based capacity, which is around 203.4 GW (46% of the total) out of 441.9 GW of total installed capacity in 2023-24, is likely to increase to 349 GW (57.3percent) in 2026-27 and 500.6 GW (64.4 percent) in 2029-30.
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