SOLAR AND WIND LEADS THE CHARGE: ANALYZING INDIA'S DYNAMIC GROWTH IN RENEWABLE ENERGY CAPACITY FROM 2016 TO 2023

Abstract

With a focus on significant advancements in solar, wind, and hydropower capacity, this report offers a thorough analysis of the growth trajectory of India's renewable energy industry from 2016 to 2023. The analysis highlights the exponential increase in solar installations, especially in regions like Rajasthan, which will account for over half of the nation's renewable energy mix by 2023. Solar energy emerged as the dominating force in this regard. Even if solar energy was rising faster, wind energy continued to expand steadily, highlighting its crucial place in the renewable portfolio. The report also explores the hydropower industry, highlighting the minor differences in growth patterns between small- and large-scale projects. The study's thorough data analysis shows a significant increase in the production of renewable energy, particularly in 2023, demonstrating the industry's strong reaction to India's challenging clean energy targets. The study of solar capacity at the state level reveals notable regional differences that may be ascribed to policy, geographic, and infrastructure variations. These findings indicate potential areas for focused policy interventions. The results support a multifaceted strategy for developing renewable energy, highlighting the significance of balanced growth from many sources. To maintain the sector's pace, recommendations include improving legislative frameworks, making infrastructural investments, and encouraging innovation. To support strategic choices and propel India's transition to a sustainable energy future, this research offers insightful information to stakeholders, investors, and policymakers.