The nation’s installed solar photovoltaic (PV) power capacity is 85.47 GW, while wind power is 46.65 GW, according to information released by the government on Tuesday.
The Center has launched a number of projects and programs to encourage the growth of renewable energy (RE), such as wind and solar energy.
According to Shripad Yesso Naik, Minister of State for New and Renewable Energy, these policies encourage businesses to adopt more RE in place of energy derived from traditional coal-thermal sources.
By 2030, the nation hopes to have 500 GW of installed electric capacity from non-fossil sources, the minister informed the Rajya Sabha. The Center has approved up to 100% of foreign direct investment (FDI) through the automated method in order to achieve that aim.
The Inter-State Transmission System (ISTS) fees for interstate sales of solar and wind electricity have also been waived by the Ministry of New and Renewable Energy for projects that will be put into service by June 30, 2025, for Green Hydrogen projects until December 2030, and for offshore wind projects through December 2032.
“To boost RE consumption, Renewable Purchase Obligation (RPO) trajectory has been announced till 2029-30 including separate RPO for decentralised Renewable Energy,” said the minister. In order to draw in and facilitate investments, a project development cell has also been established.
Other programs include the National Programme on High-Efficiency Solar PV Modules, the National Green Hydrogen Mission, the PM Surya Ghar Muft Bijli Yojana, the PM-KUSUM, the National Green Hydrogen Mission, and the creation of 1GW offshore wind energy projects, among others.
The Economic Survey 2023–2024 states that India has a developed infrastructure that may draw foreign direct investment (FDI) in fields like greenfield projects like renewable energy.
Prominent European and American firms in the renewable energy space, including Vesta, Scatec, and First Solar, have set up shop in India in order to capitalize on the rising demand for environmentally friendly products.
Experts predict that the Union Budget would direct India in the direction of sustainability.
Experts on climate change and energy remarked that the Budget included a number of important measures that will strengthen India’s defenses against the effects of climate change, including energy transition routes, climate finance, better management of water resources, and flood and irrigation control.on Tuesday
