The survey predicts that renewable energy investments can drive India’s green transition and help achieve 500 GW by the end of 2030
The Economic Survey 2023-24, presented by union finance minister Nirmala Sitharaman, highlighted that India's renewable energy sector has reached a new milestone. As of March 31, 2024, the installed capacity has reached 190.57 gigawatts (GW), accounting for 43.12 per cent of the nation’s total installed power generation capacity.
It also highlighted the expansion of India's power transmission capabilities. The system can now transfer 118,740 megawatts (MW) across an extensive network of 485,544 circuit kilometers, with a transformation capacity of 1,251,080 mega volt amps (MVA). This development is crucial as India's peak electricity demand surged by 13% to 243 GW in FY24, driven by the increasing power needs across the country.
Notably, India is the only G20 country on track to meet the global warming limit of 2 degrees Celsius, a benchmark highlighted in a recent International Finance Corporation report. The survey outlines India's strategic focus on balancing climate change management with its developmental priorities.
It also highlighted that the government has taken significant steps to promote low-carbon development. This includes issuing Rs. 36,000 crore in sovereign green bonds in 2023 to support public sector projects aimed at reducing the economy's emissions intensity. Measures to foster a green finance ecosystem are also in place, such as the RBI's Framework for Acceptance of Green Deposits and the Priority Sector Lending rules that promote renewable energy.
The survey indicates that these measures together are expected to create about 3.4 million long and short jobs by 2030, in the wind and on-grid solar energy sectors, thus boosting employment in the sector.