India's power demand to surge by 70% in next decade
A report by BMI, a division of Fitch Group, predicts that India's power demand will grow by over 70% in the next decade, with a strong emphasis on non-hydropower renewable energy sources. The report highlights that while coal-powered generation will continue to dominate production, there will be a significant shift toward renewable energy in the country.
16.9% non-hydropower renewable energy share by 2032
"We forecast India's electricity generation to grow by over 70% over the next decade, marking the largest increase among the world's largest electricity producers," the report said. The report added that "India will see a strong focus on non-hydropower renewable forms of electricity generation, which we expect to account for 16.9% of total generation by 2032."
Electricity demand to rise 4.9% annually up to 2032
India's need for electricity is growing steadily due to factors like population growth, urbanization, and higher demands from industries such as construction, manufacturing, and services. BMI report indicates that this demand is expected to increase by an average of 4.9% each year up to 2032. As per official data, India's energy requirements reached 15,11,847 million units during FY2023.
