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India logs record high renewable energy capacity addition of about 30 GW in 2024
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2 min read | Updated on January 13, 2025, 13:53 IST
SUMMARY
Following the development, shares of renewable energy stocks were in focus. However, with the broader market correction, renewable energy stocks like Waaree Energy, Suzlon Energy, Adani Green Energy, NTPC Green Energy, and ACME Solar Holdings traded in deep red, with losses of -1% to -5% on Monday.
India logs record high renewable energy capacity addition of about 30 GW in 2024
The Ministry of New & Renewable Energy's latest data showed that India logged a record-high renewable energy capacity addition of about 30 GW in 2024, more than 113% higher than the 13.75 GW recorded in 2023.
The ministry said this assumes significance given India's ambitious plan to have 500 GW of renewable energy capacity by 2030. It noted that India needs to add an average of 50 GW of renewable energy capacity per annum over the next six years to achieve its target.
According to the data, India had 35.84 GW of renewable energy capacity as of March 31, 2014. Since the fiscal year 2014-15, when the NDA government took the reins at the Centre, India recorded the highest renewable capacity addition of 18.48 GW in 2023-24.
It said the government is eyeing adding 50GW of renewable energy capacity addition per annum to achieve its target of 500GW by 2030.
Besides, New & Renewable Energy Minister Pralhad Joshi has said that exponential growth from 13.75 GW in 2023 to around 30 GW in 2024, resulting in achieving nearly 218 GW, now underscores India's growing commitment to clean energy and its progress in building a greener future.
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