Renewable power is growing rapidly worldwide. India accounted for about 5% of global renewable capacity in 2024 and ranked as the third-largest contributor after China and the US. India’s installed capacity is projected to rise from 475 GW (Giga Watt) in FY25 to 705 GW by FY30. India’s solar installation costs fell 60.6% and wind costs 20.4% (FY16–FY24), making renewables significantly cheaper than fossil fuels. Renewables’ contribution to generation is projected to increase from 14% in FY25 to 30% by FY30, while thermal power’s share declines to 58%, signalling structural decarbonisation of India’s grid.
Key trends:
Published on February 24, 2026
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