2.86 CRORE HOUSEHOLDS ELECTRIFIED SINCE LAUNCH OF SAUBHAGYA IN OCTOBER 2017

COUNTRY ACCELERATES EFFORTS TO ENHANCE ITS CONTRIBUTION OF NON-FOSSIL FUEL IN ENERGY MIX

RENEWABLE ENERGY SECTOR EXPECTED TO ATTRACT INVESTMENTS OF ₹30.5 LAKH CRORE IN INDIA BETWEEN 2024 AND 2030

“Power transmission in India is connected into one grid running on one frequency with the inter-regional capability of transferring 1,18,740 megawatts (MW). It is emerging as one of the largest unified electricity grids in the world”, states the Economic Survey 2023-24 tabled by Union Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman in Parliament today. Until 31 March 2024, transmission systems have expanded to 4,85,544 circuit kilometre of transmission lines and 12,51,080 mega volt amp (MVA) of transformation capacity, the Survey notes.

Government of India has accelerated its efforts to enhance the sector and meet the continuously rising demand for electricity in the country. The peak electricity demand increased by 13 per cent to 243 GW in FY24. Between FY23 and FY24, the Survey says, the maximum rise in electricity generation was recorded in renewable energy resources for utilities.

As per the Economic Survey, a  total of 2.86 crore households have been electrified since the launch of the Saubhagya in October 2017 under various schemes. Further, it states that the implementation of Electricity (late payment surcharge and related matters) Rules, 2022 have given relief to the DISCOMs, as well as electricity consumers and generating companies.

RENEWABLE SECTOR

Under United Nations Framework Convention on Climate Change India has committed to achieve about 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. The Ministry of New and Renewable Energy is working towards achieving 500 Giga Watt (GW) of installed electricity capacity from non-fossil sources by 2030.

The Economic Survey states that, as of 31 March 2024, a total of 190.57 GW of renewable energy (RE) capacity has been installed in the country. The share of RE in the total installed generation capacity in the country stands at 43.12 per cent, it notes.

The clean energy sector in India saw new investment of ₹8.5 lakh crore between 2014 and 2023, the Survey highlights. It says that the RE sector is expected to attract investments of about ₹30.5 lakh crore in India between 2024 and 2030 and this would create significant economic opportunities across the value chain.

As per the National Electricity Plan of the Central Electricity Authority, the Survey mentions that the non-fossil fuel (hydro, nuclear, solar, wind, biomass, small hydro, pump storage pumps) based capacity which is around 203.4 GW (46 per cent of the total) out of 441.9 GW of total installed capacity in 2023-24 is likely to increase to 349 GW (57.3 per cent) in 2026-27, and 500.6 GW (64.4 per cent) in 2029-30.

Unified electricity grid expansion reinforces renewable energy targets and regulatory measures to integrate non fossil generation into the system. India's transmission framework is presented as a unified national grid with major expansion in transmission lines and transformation capacity, coupled with regulatory developments including implementation of the Electricity (late payment surcharge and related matters) Rules, 2022 and large scale household electrification under Saubhagya. The Survey emphasises policy commitments and Ministry programmes to scale non fossil generation by 2030, records renewable capacity and share, notes past clean energy investment, and projects future non fossil capacity growth and investment prospects through 2030.