In 2023, the total renewable energy in India stood at 216.82 million tonnes of oil equivalent. Observing the year-on-year percentage variations, the trend from 2013 to 2023 shows fluctuations with the most notable decrease in 2015 and significant increase in 2016. Since 2017, there has been a consistent annual increase ranging between 0.82% and 1.19%. Over the last five years, the compound annual growth rate (CAGR) has averaged at 0.86%.
Looking into the future, from 2024 onwards, renewable energy in India is forecasted to grow steadily, reaching an estimated 225.15 million tonnes of oil equivalent by 2028. The forecasted five-year CAGR is 0.6%, signifying moderate growth.
Future trends to watch for include technological advancements in renewable energy, policy changes, investment in infrastructure, and potential impacts of global climate initiatives which may further influence the rate of growth in renewable energy adoption in India.
