Page 47 - Policy Economic Report - December 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

In the coming months, the MNRE will issue detailed procedural guidelines for the enlistment of solar PV
cells under ALMM List-II, providing clear instructions for manufacturers and project developers on how to
comply with the updated requirements. This is part of the government’s ongoing efforts to simplify the
regulatory process and ensure that India remains at the forefront of global clean energy development.

By prioritizing solar PV cell manufacturing and reducing reliance on imports, this amendment lays a strong
foundation for India’s clean energy future. It supports the growth of the solar power industry, generates
economic opportunities, and makes a meaningful contribution to the country’s climate goals. With this
move, India is set to strengthen its energy independence, support sustainable development, and become
a global hub for solar energy innovation.

The amendment has been approved by the Minister for New and Renewable Energy Shri Pralhad Joshi
and underscores the government’s commitment to advancing India’s renewable energy agenda and
ensuring a greener, more sustainable future for all.

India’s RE capacity registers 14.2% Year-on-Year Growth

Ministry of New and Renewable Energy (MNRE) has reported significant progress in India’s renewable
energy sector from November 2023 to November 2024. This progress underscores India’s commitment to
achieving its clean energy targets in line with the ‘Panchamrit’ goals set by Prime Minister Shri Narendra
Modi.

Record Capacity Additions

As of November 2024, the total non-fossil fuel installed capacity has reached 213.70 GW, marking an
impressive 14.2% increase from last year’s 187.05 GW. Meanwhile, the total non-fossil fuel capacity,
which includes both installed and pipeline projects, surged to 472.90 GW, a substantial 28.5% increase
from the previous year’s 368.15 GW.

During FY 24-25 a total of 14.94 GW of new RE capacity was added till November 2024, nearly doubling
the 7.54 GW added during the same period in FY 23-24. In November 2024 alone, 2.3 GW of new capacity
was added— marking a dramatic fourfold increase from the 566.06 MW added in November 2023.

Solar and Wind Power Experience Significant Growth

India’s renewable energy sector has seen widespread growth across all major categories. Solar power
continues to lead, with installed capacity rising from 72.31 GW in 2023 to 94.17 GW in 2024, a robust
growth of 30.2%. Including pipeline projects, total solar capacity surged by 52.7%, reaching 261.15 GW in
2024, compared to 171.10 GW in 2023. Wind power also made notable contributions, with installed
capacity rising from 44.56 GW in 2023 to 47.96 GW in 2024, reflecting a growth of 7.6%. Total wind
capacity, including pipeline projects, increased by 17.4%, from 63.41 GW in 2023 to 74.44 GW in 2024.

Steady Contributions from Bioenergy, Hydro, and Nuclear Sectors

Bioenergy and hydroelectric projects also made steady contributions to the renewable energy mix.
Bioenergy capacity rose from 10.84 GW in 2023 to 11.34 GW in 2024, reflecting a growth of 4.6%. Small

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