New Delhi: The Economic Survey 2023-24 has highlighted the urgent need for significant financial resources and efficient land acquisition to achieve India's target of 500GW of renewable energy capacity by 2030. This ambitious goal requires an investment of Rs 30.5 lakh crore.

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Presented in Parliament, the survey anticipates that the renewable energy sector will attract considerable investments from 2024 to 2030, generating numerous economic opportunities across the value chain. Between 2014 and 2023, new investments in the sector reached Rs 8.5 lakh crore (USD 102.4 billion), along with USD 17.88 billion in foreign direct investment (FDI) from April 2000 to March 2024.

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To secure the necessary finances, the survey suggests that the banking sector should be prepared for larger deployment goals, explore international funding at low-interest rates, and develop risk mitigation strategies. It also emphasizes the importance of state governments in identifying and acquiring land suitable for renewable energy projects to support the country's green energy ambitions.

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As the world focuses on combating climate change, green energy has become a crucial area of interest. With its large population and growing economy, India is at a pivotal point in its energy consumption patterns, increasingly shifting towards renewable sources. Although India's green energy sector is still developing, it is poised for significant growth. Stakeholders are looking forward to strategic initiatives from the Indian government in the upcoming Budget to accelerate this transition.

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