FDI in renewables sector has expanded by 3.7 times in the past nine years: RK Singh

At a press conference on transformative and future-ready developments in the infrastructure sector, Union Minister for Power and New & Renewable Energy, R. K. Singh, highlighted the following points on the renewable energy sector:

India met its goal of nationally determined contribution to get 40 per cent of its installed electrical capacity from renewable sources nine years early, in 2021. A total of 64.3 GW of solar capacity was added between 2014 and 2023, which is 23 times the installed capacity as of March 31, 2014. Additionally, a total of 90 lakh solar lighting systems were supplied between 2014 and 2023. This is 3.8 times the number of systems distributed as of March 31, 2014. Farmers have received 5.3 lakh solar pumps during the past nine years, which is 45 times the number of pumps installed as of March 31st, 2014. The percentage of renewable energy in the electricity mix increased from 6.4 per cent in 2013–14 to 12.5 per cent in 2022–23, excluding large hydro. The cost of solar energy has decreased from more than Rs 6 per unit in 2014 to Rs 1.99 per unit in 2020–21. By 2023, the ability to produce solar modules has expanded from 2.4 GW per year in 2014 to 25 GW per year. Furthermore, 6 GW per year of domestic solar cell manufacturing capacity has also been installed in the nation over the past nine years. The ability to produce wind turbines has increased from 10 GW per year in 2014 to 15 GW per year in 2023, a 1.5-fold increase. Foreign Direct Investment has expanded by 3.7 times in the sector of renewable energy, from USD 3 billion as of March 31, 2014, to USD 11.1 billion over the past nine years. In addition, the amount of loans provided by Indian Renewable Energy Development Agency Limited for renewable energy projects increased by around six times from Rs 14.32 billion as of March 31, 2014, to Rs 827.77 billion over the previous nine years.