Economic Survey 2024 : India will need an investment of Rs 30.5 lakh crore to achieve the target of 500 GW of renewable energy by 2030. According to the Economic Survey 2023-24 presented in Parliament on Monday, to achieve this, it is necessary to resolve issues of raising finance as well as investment and land acquisition on competitive terms. The Economic Survey says that between 2024 and 2030, an investment of about Rs 30.5 lakh crore is expected in India in the renewable energy (RE) sector. According to the review, this will create significant economic opportunities across the entire value chain.
Investment of 8.5 lakh crores received in 9 years
The survey says that the clean energy sector in India received new investments worth Rs 8.5 lakh crore ($102.4 billion) between 2014 and 2023, while the renewable energy sector received foreign direct investment (FDI) worth $17.88 billion from April 2000 to March 2024. The Economic Survey has emphasized on preparing the banking sector to raise the necessary finance and investment on competitive terms for the renewable energy sector. Regarding land acquisition, the survey has indicated identification of land with renewable energy potential, its conversion (if required), approval from the Land Ceiling Act, decision on land lease rent, approval from the Revenue Department and other such approvals.
State governments should play a key role
It has suggested that state governments should play a major role in land acquisition for renewable energy projects. These suggestions are important in view of the ambitious target of 500 gigawatts of renewable energy by the year 2030. India has set a target of achieving 50 per cent total installed capacity for electricity generation from non-fossil fuel based energy resources by 2030. The review said that as per the National Electricity Plan of the Central Electricity Authority, non-fossil fuel (hydropower, nuclear, solar, wind, biomass, small hydropower, pumped storage pump) based capacity is about 203.4 gigawatts (46 per cent of the total) out of 441.9 gigawatts of total installed capacity in 2023-24.
34 lakh jobs can be created
Non-fossil fuel-based capacity is projected to increase to 349 GW (57.3 per cent) in 2026-27 and 500.6 GW (64.4 per cent) in 2029-30. According to the review, India’s green transition is likely to have a significant impact on employment opportunities in the renewable energy sector. It said, “Clean energy initiatives can create about 34 lakh jobs (short and long term) by installing 238 GW of solar and 101 GW of new wind power capacity by 2030 and achieving 500 GW of non-fossil power generation capacity.”
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