India's renewable energy sector has witnessed an unprecedented growth trajectory over the past decade, establishing the country as a global leader in sustainable energy initiatives. As Union Minister of Consumer Affairs, Food and Public Distribution & New and Renewable Energy, Mr. Pralhad Joshi, announced, India's installed renewable energy capacity has surged by an impressive 165%, skyrocketing from 76.38 GW in 2014 to 203.1 GW in 2024. This remarkable achievement has positioned India as the 4th largest country globally in terms of renewable energy capacity, reflecting substantial advancements in solar and wind power sectors.

During a pivotal debate in Rajya Sabha on the demands for grants related to the Ministry of New and Renewable Energy, Mr. Joshi emphasized, “I am proud to share that today, India has achieved 4th position globally in RE Installed Capacity. We stood 4th in Wind Power capacity and 5th in Solar PV capacity.” He further elaborated, “For the first time, we have crossed 200 GW capacity from non-fossil fuel sources, which include 85.47 GW of solar power, 46.93 GW of large hydro, 46.66 GW of wind power, 10.95 GW of biopower, and 5.00 GW of small hydropower.”

The expansion of solar energy in India has been particularly dramatic, showcasing a nearly 30-fold increase from 2.82 GW in March 2014 to 85.47 GW by June 2024. This exponential growth underscores India’s commitment to harnessing solar energy as a pivotal component of its renewable energy strategy. The robust expansion is aligned with India's strategic objective to achieve sustainable growth and development through renewable energy, thus reducing dependence on fossil fuels.

“India has witnessed one of the fastest growth rates in the renewable energy sector among all large economies of the world. We are aligned with developed nations and have achieved 4th position globally in total RE installed capacity,” Mr. Joshi stated. This milestone is not just a testament to India's rapid progress in renewable energy but also a crucial step towards fulfilling Prime Minister Mr. Narendra Modi's COP26 commitment to achieve 500 GW of installed electricity capacity from non-fossil sources by 2030.

Energy security remains a top priority for the Indian government, reflected in the substantial increase in budgetary allocation for the Ministry of Renewable Energy, which has almost doubled from US$ 1.19 billion (Rs. 10,000 crore) last year to more than US$ 2.38 billion (Rs. 20,000 crore) this year. This significant financial commitment is aimed at bolstering infrastructure and accelerating the transition towards a cleaner energy future.

The share of thermal sources in India's total installed capacity has decreased from 67.69% in 2013-14 to 54.46% in 2024-25 (up to June 2024), indicating a decisive shift towards renewable sources. Concurrently, the share of non-fossil fuel in the total installed capacity has increased from 32.30% to 45.54%, highlighting the growing importance of renewables in India’s energy mix. Total renewable energy generation in India has grown from 193.50 billion units (BU) in 2013-14 to 359.89 BU in 2023-24, marking an 86% increase.

Another noteworthy aspect of India's renewable energy success is the significant reduction in solar power tariffs, which have dropped dramatically from US$ 0.13 (Rs. 10.95) per unit in 2010-11 to US$ 0.031 (Rs. 2.60) in 2023-24. This reduction not only makes solar energy more accessible but also underscores the economic viability of renewable energy sources.

In conclusion, India’s renewable energy journey over the past decade stands as a beacon of rapid growth and unwavering commitment to sustainability. With the fourth-largest renewable energy capacity globally, India is well on its way to achieving its ambitious targets, ensuring energy security, and leading the world towards a sustainable future. The substantial progress in solar and wind power, coupled with strategic policy support and financial investments, underscores India’s pivotal role in the global renewable energy landscape.

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