Forecast: Share of Renewable Electricity Generation in India

The share of renewable electricity generation in India has shown a decline from 2013, where it stood at 17.35%, to 2023, reaching 14.98%. The year-on-year variations typically demonstrate an average negative trend, indicating a slight but consistent decrease annually. The past five years have seen an average annual decline (CAGR) of approximately -0.56%, with a year-on-year decrease of -0.54% in 2023.

From 2024 onwards, forecasts predict a continued decline, with the share expected to fall to 14.56% by 2028. The projected 5-year CAGR from 2024 to 2028 is -0.45%, resulting in an overall forecasted reduction of about -2.25% over this period.

Future trends to watch for include potential governmental policy changes, technological advancements in renewable energy, market adaptations, and economic factors that could influence the pace of renewable energy adoption and its share in total electricity generation.