Economic Survey 2023-24: More Investments More Power needs to India's Renewable Goals
The Economic Survey 2023-24 accentuates the requirement to activate finance, secure serious investments, and resolve land procurement difficulties to accomplish India’s aggressive objective of 500 GW of sustainable power by 2030.
The estimated cost of achieving this objective is 30.5 lakh crore. Scheduled in Parliament, the study demonstrates that the Renewable energy (RE) is projected to draw in investments of around 
30.5 lakh crore somewhere in the range of 2024 and 2030, setting out critical financial open doors across the worth chain.
30.5 lakh crore somewhere in the range of 2024 and 2030, setting out critical financial open doors across the worth chain.
New investments in India’s clean energy sector totalled 8.5 lakh crore (approximately $102.4 billion) from 2014 to 2023.
From the year April 2000 to March 2024, FDI in the Renewable Energy sector reached $17.88 billion. The survey suggests pursuing low interest rates, investigating long-term international funding, developing risk mitigation mechanisms to address both technical and financial challenges, and improving the banking sector’s capacity to arrange funding for larger deployment goals in order to raise the necessary funds.
The survey emphasizes the significance of locating suitable land for Renewable Energy projects, converting it if necessary, obtaining clearances from the Land Ceiling Act and the revenue department, and determining land lease rents when it comes to land acquisition.
It urges state governments to facilitate the acquisition of land for these initiatives in a significant way.
India means to accomplish half of its combined installed capacity from non-fossil based energy sources by 2030. The National Electricity Authority’s National Electricity Plan states that non-fossil fuel capacity will reach 500.6 GW (64.4% of total capacity) in 2029-30, up from the current level of around 203.4 GW in 2023-24.
The survey also reveals that job opportunities in the renewable energy sector may be significantly affected by India’s switch to green energy initiative. Installing 238 GW of new solar capacity and 101 GW of new wind capacity to meet the 500 GW non-fossil electricity generation target is estimated to result in the creation of approximately 3.4 million short-term and long-term jobs for energy initiatives. The on-grid solar and wind energy industries could directly contribute to the creation of approximately one million jobs.
