India plans to produce 500 GW power from non-fossil sources by 2030

Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy Mr. Pralhad Joshi informed the Lok Sabha that India is currently generating over 200 GW of renewable energy, with projects in the pipeline expected to produce an additional 430 GW. He outlined the Centre’s efforts to promote and accelerate renewable energy capacity, aiming to achieve 500 GW of installed capacity from non-fossil sources by 2030. He highlighted that 150 GW of new capacity will soon be added as projects progress through various stages of implementation, and tenders for an additional 76 GW are underway, bringing the total pipeline to 430 GW.

He also noted a significant increase in investment, with only US$ 715.1 million (Rs. 6,000 crore) spent on renewable energy before the Prime Minister Mr. Narendra Modi government took office in 2014, compared to US$ 4.40 billion (Rs. 36,950 crore) in the past decade, representing a 500% increase. The budget has allocated US$ 2.50 billion (Rs. 21,000 crore) for renewable energy, with plans to raise investment to US$ 19.07 billion (Rs. 1.60 lakh crore) in the coming years. Supportive measures include waiving Inter-State Transmission System (ISTS) charges for solar and wind power projects commissioned by June 30, 2025, Green Hydrogen Projects until December 2030, and offshore wind projects until December 2032. Additionally, 100% Foreign Direct Investment (FDI) is allowed under the automatic route for renewable energy projects, and the Union Cabinet has approved the Viability Gap Funding (VGF) scheme for installing and commissioning 1 GW of offshore wind energy projects.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.