India’s ambitious target of 500 GW renewable energy by 2030 requires substantial investments and efficient land acquisition. The Economic Survey 2023-24 underlines these critical challenges.
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The survey highlights a projected investment of ₹30.5 lakh crore in the renewable energy (RE) sector between 2024 and 2030. This substantial sum promises economic growth across the value chain. India has already attracted ₹8.5 lakh crore in clean energy investments since 2014, with foreign direct investment reaching $17.88 billion.
To mobilize this required capital, the survey recommends bolstering the banking sector’s capacity, securing low-interest rates, tapping into international funding, and managing risks effectively.
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Land acquisition emerges as another significant hurdle. The survey emphasizes the need for identifying suitable land, acquiring necessary clearances, and determining lease rents. State governments must facilitate this process.
India aims to achieve 50% of its installed capacity from non-fossil sources by 2030. The National Electricity Plan projects non-fossil capacity to increase from 203.4 GW in 2023-24 to 500.6 GW by 2029-30. This transition promises job creation. The survey estimates 3.4 million jobs, with one million directly linked to wind and solar energy.
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In conclusion, India’s green journey hinges on adequate financing, efficient land acquisition, and robust policy implementation. Addressing these challenges will be crucial for realizing the country’s renewable energy aspirations.
The successful execution of these plans will not only contribute to a cleaner environment but also boost economic growth and create employment opportunities.
Reference- CNBC TV18, The Hindu, Business Standard, The Economic Survey 2023-24, The Print