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India's Energised Future: Major Hits for Renewable Energy in Interim Budget 2024

India's budgetary commitment to solar energy reflects a visionary approach centred on reform and performance

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With its staggering population of 1.4 billion, India faces an immense energy demand to fuel its rapidly expanding economy. Over seven and half decades, the nation has transitioned from a power deficit Nation to one with a surplus, boasting a total installed electricity capacity. India is fervently embracing renewable energy sources to align with sustainable development goals. With almost 50 per cent of its electricity capacity derived from non-fossil fuel origins, India is moving towards a country where sustainable energy sources are becoming prominent. 

The renewable energy landscape in India is diverse, featuring significant contributions from solar, wind, hydro, biopower, and nuclear sources. Solar power leads the pack with an installed capacity of 73.32 GW, followed closely by wind at 44.73 GW as of 2023. Notably, India's journey towards renewable energy traces back to its early post-independence years, relying heavily on coal initially but gradually diversifying through hydropower, nuclear energy, wind, and solar initiatives. Wind energy initiatives stand as the fourth-largest producer globally. Solar energy applications have made a widespread positive impact, leading to India spearheading the International Solar Alliance (ISA), a collaborative platform for global solar energy technology deployment. 

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