Rystad Energy’s latest data unveils India’s remarkable surge in renewable energy installations, reaching a record 7.1 gigawatts (GW) in March and marking its highest-ever annual capacity of 18.5 GW for the fiscal year ending on 31 March 2024. While this growth is primarily attributed to solar installations, India faces significant challenges in meeting its ambitious renewable energy targets.
The surge in renewable energy installations, driven predominantly by solar projects, underscores India’s commitment to accelerating its transition to clean energy. Notably, Adani Green’s strides in installing 1.6 GW of solar capacity in Gujarat’s Kutch district exemplify the industry’s momentum. However, despite this record growth, India grapples with the challenge of achieving its revised renewable energy goal of 500 GW by 2031-32, necessitating an annual installation rate of 30 GW.
To address this, initiatives like the Production Linked Incentive (PLI) scheme and the basic customs duty on imported solar modules aim to bolster domestic manufacturing capabilities and reduce reliance on imports, particularly from China. Despite progress, challenges persist in competing with Southeast Asian counterparts in the export market.
On the international front, India eyes renewable power trading with neighboring countries and potential expansion to the Middle East and Southeast Asia. However, capital-intensive interconnector projects pose logistical challenges, with significant impacts not expected until the 2030s.
While India’s renewable focus remains on meeting domestic targets, potential for regional energy cooperation offers glimpses of future collaboration beyond its borders, albeit with long-term prospects.
India’s strides in renewable energy installations reflect its commitment to sustainable development, yet challenges persist in meeting ambitious targets. As the nation navigates these hurdles, initiatives to boost domestic manufacturing and explore international energy cooperation are pivotal in realizing its clean energy aspirations
