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In recent years, India has made a considerable gain in renewable energy and the year 2024 is not an outlier as the sector leaders are of the view that the country is on the right track to meet its green energy goals.
The remarkable progress witnessed in recent times is a product of collaboration between the public and private sectors, they said. India's total electricity generation capacity has reached 452.69 GW, with renewable energy contributing a significant portion of the overall power mix. This marks a major shift in India's energy landscape, reflecting the country's growing reliance on cleaner, non-fossil fuel-based energy sources, they said. In its efforts to reduce dependency on fossil fuels, India committed to an ambitious five-part "Panchamrit" pledge at COP26, held in 2021, which included reaching 500 GW of non-fossil electricity capacity, generating half of all energy requirements from renewables, and reducing emissions by 1 billion tonnes by 2030. India as a whole also aims to reduce the emissions intensity of GDP by 45 per cent. Finally, India commits to net-zero emissions by 2070. Green energy for climate mitigation is not just a focus area for India, but globally it has gained momentum. Moving into 2025, the industry players are of the view that the good strides made so far in the renewable space will only continue. "We anticipate a surge in renewable energy investments, driven by increased participation from both private and public sectors, setting the stage for continued growth in 2025," stated Srivatsan Iyer, Global CEO, Hero Future Energies. "In 2025, green energy is expected to see rapid growth. Startups and enterprises are working diligently towards reducing the cost of energy storage solutions," stated Akshay Jain, CEO and co-founder at Cancrie. Over the years, government initiatives have played a major role in driving the sector's progress. The National Green Hydrogen Mission, revised ALMM guidelines, and fiscal incentives for domestic manufacturing supported innovation and investment. However, stakeholders highlighted gaps, particularly in transmission infrastructure and the need for faster execution of evacuation projects. To address these issues, industry leaders like Parag Sharma, founder and CEO of O2 Power, advocated waiving interstate transmission charges for PPAs signed before June 2025 and reducing the implementation cycle of transmission schemes from four years to two. Adding to this, Prashant Mathur, CEO, Saatvik Solar, stated, "With government support and a clear focus on self-reliance, the industry is now witnessing remarkable growth in solar cell manufacturing." Industry leaders also demanded more facilities from the government, as Anmol Jaggi, Chairman & Managing Director, Gensol Engineering Limited & Co-founder BluSmart, stated, "Measures such as reducing the Goods and Services Tax (GST) on solar trackers from the current 18 per cent to 5 per cent or including them in the Production Linked Incentive (PLI) schemes could significantly boost domestic manufacturing." "The development of innovative market models--such as battery storage arbitrage, FDRE, and VPPAs--will drive the evolution of India's power market and contribute to a successful energy transition," stated Rohit Bajaj, Joint Managing Director, Indian Energy Exchange, expressing his optimism. The market leaders are also of the view that at this critical juncture stage, the industry must focus on generating quality in the upcoming year. "As 2025 nears, the solar and EPC sectors must prioritise execution over pursuing excessive projects. Overcommitment often strains resources, causing delays and compromised quality," emphasised Simarpreet Singh, Executive Director & CEO - Hartek Group. Looking ahead, the renewable energy ecosystem is set for transformative growth. Experts predict increased investments in solar and wind projects, the integration of Battery Energy Storage System (BESS), and scaling up green hydrogen production under the National Green Hydrogen Mission. (ANI)
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