India has achieved a significant milestone in its renewable energy capacity, reaching 188 Gigawatts, up from 81 Gigawatts a decade ago, President Droupadi Murmu said in her address to the joint session of the Lok Sabha and Rajya Sabha. The announcement comes ahead of the Union Budget 2024-25 presentation by Finance Minister Nirmala Sitharaman.
President Murmu highlighted the rapid growth in the country’s renewable energy sector, noting that solar power capacity has increased 26-fold and wind power capacity has doubled in the last 10 years. India currently ranks fourth globally in renewable energy and wind power capacity and fifth in solar power capacity.
The President stated India’s ambitious goal to achieve 50 percent of its electric power installed capacity from non-fossil fuels by 2030. Murmu cited the construction of 11 new solar parks and the ongoing development of 9 additional parks, underscoring the country’s commitment to expanding its solar energy infrastructure.
In addition to solar energy, the President mentioned the recent launch of a solar rooftop installation scheme aimed at supporting 1 crore families. This initiative is expected to not only reduce electricity bills for households but also contribute surplus electricity to the power market.
The address also covered advancements in other energy sectors, including the approval of 10 new nuclear power plants and the initiation of two hydrogen energy projects in Ladakh and Daman-Diu. In the field of ethanol, India has achieved a 12 percent blending rate and is rapidly approaching its 20 percent target.
Union finance minister Nirmala Sitharaman is slated to present the financial year 2024-25 budget on February 1. This will be the final annual financial statement of the BJP-led PM Narendra Modi government’s second term.
Last week, the traditional pre-budget ‘halwa’ ceremony was held, initiating a ‘lock-in’ period for officials involved in budget preparation to maintain confidentiality until the document’s tabling in the Lok Sabha.
