India today is the world’s fourth largest renewable energy (RE) country and fifth largest in terms of installed solar capacity. In early February, solar installations crossed the 50 GW milestone, making India only the fifth country to achieve this. In August 2021, India achieved 100 GW of installed RE capacity and in December 2021 it became only the fourth country to have 150GW of RE (including large hydro).
Today, India is home to one of the world’s largest energy transition programmes. Prime Minister Narendra Modi at COP26 announced that India is expanding its RE target to 500 GW by 2030. With only nine years to go to meet the ambitious target, the budget 2022 has given the much-needed impetus to place Indian RE sector at an advantage.