India's Ambitious Renewable Energy Roadmap: Rs 3 Lakh Crore Annual Investment Needed

India needs an annual investment exceeding Rs 3 lakh crore to achieve a renewable energy capacity of 440 gigawatts by 2030, according to Icra experts. Despite the country's significant progress in the sector, challenges such as energy storage, grid integration, and manufacturing persist. The electric vehicle sector is also expected to experience substantial growth, requiring significant investment in infrastructure and components.

India requires an annual investment surpassing Rs 3 lakh crore to elevate its renewable energy capacity to 440 gigawatts by 2030, experts from Icra highlighted on Friday.

Vikram V, Vice President & Co-Group Head - Corporate Ratings at ICRA Ltd, stated that achieving this target is pivotal for meeting the government's renewable purchase obligation (RPO) of 43% by 2030.

However, challenges in energy storage, grid integration, and equipment manufacturing could impede progress, necessitating swift government intervention. Promisingly, the electric vehicle sector is poised for substantial growth, driving a Rs 25,000 crore investment in charging infrastructure and component localisation over the next few years.

(With inputs from agencies.)