India’s renewable energy capacity reached 209.44 GW by December 2024, reflecting a year-on-year growth of 15.84% compared to 180.80 GW in December 2023, according to a report from the Union Ministry of New and Renewable Energy (MNRE).
In 2024, the country added 28.64 GW of renewable energy capacity, more than double the 13.05 GW added in 2023. This represents a year-on-year increase of 119.46% in new capacity additions.
Solar power saw the largest increase in capacity, adding 24.54 GW in 2024. This brought its total installed capacity to 97.86 GW, a 33.47% rise from 73.32 GW in 2023. Wind energy capacity also grew by 3.42 GW, reaching a total of 48.16 GW, an increase of 7.64% from the previous year.
Bioenergy and small hydro power also contributed to the overall growth. Bioenergy capacity rose from 10.84 GW in 2023 to 11.35 GW in 2024, a 4.70% increase. Small hydro power capacity increased slightly, from 4.99 GW to 5.10 GW, a growth of 2.20%.
MNRE’s efforts are part of a broader strategy to scale up renewable energy capacity in India, including initiatives aimed at achieving the target of 500 GW of renewable energy by 2030.
In addition to the expansion in installed capacity, India’s renewable energy sector has seen a notable increase in investments. Foreign Direct Investment (FDI) in the sector rose by 50% year-on-year, reaching $3.76 billion in the financial year 2023-24, up from $2.5 billion in the previous year.
The ministry said that growth highlights the sector’s ability to attract international investment and underscores its strategic importance in India’s energy transition. Over the longer term, cumulative FDI in the renewable energy sector reached $17.07 billion between FY 2010-11 and FY 2023-24.
The renewable energy sector has also played a vital role in job creation. By 2023, the sector supported approximately 1.02 million jobs, spanning roles in project development, manufacturing, operations, and maintenance. This contribution not only reflects the sector’s impact on the energy transition but also its broader role in supporting economic growth and livelihoods across the country.
Additionally, domestic initiatives such as the production-linked incentive (PLI) schemes for solar manufacturing have further boosted the sector. These schemes aim to enhance local manufacturing capabilities, reduce reliance on imports, and create high-value jobs. The government’s efforts to establish green energy corridors and promote offshore wind projects are also expected to generate further employment opportunities and investment inflows.
Emerging trends such as green hydrogen production, battery storage projects, and decentralized renewable energy solutions are contributing to the diversification of the sector. These developments aim to address both domestic energy demands and export opportunities, further bolstering India’s position in the global renewable energy landscape.
India’s focus on renewable energy development is aligned with its broader sustainability goals and international commitments under the Paris Agreement. By integrating investment growth, job creation, and policy support, the country is working to ensure a balanced approach to achieving its clean energy targets while fostering economic resilience.
