From 2013 to 2023, India’s renewable electricity generation excluding hydroelectricity has shown a steady growth with notable year-on-year variations. The year-on-year growth rates have progressively declined from a high of 6.83% in 2013 to 3.16% in 2023. Correspondingly, the compounded annual growth rate (CAGR) has also decreased from 12.59% in 2013 to 3.54% in 2023. As of 2023, the renewable electricity generation value stood at 7.31 units.

Future trends to watch for:

From 2024 onwards, the forecasted data suggests a further moderation in growth rate with a forecasted 5-year CAGR of 2.13% from 2023 to 2028.
Projected continued increase in renewable electricity generation, with the value expected to reach 8.37 units by 2028, reflecting an 11.1% total growth over the five-year forecast period.
Impact of government policies and investments in renewable energy infrastructure will be crucial in shaping future trends.