India is rapidly strengthening its position in global renewable energy markets, with the country’s expanding clean energy capacity enhancing energy security, reducing dependence on imported fuels and creating new manufacturing opportunities, according to a new report released by the International Energy Agency (IEA).
Launched at the Bharat Renewable Energy Summit in the national capital, the India Renewable Energy Market Report 2026 said the country’s renewable power capacity has nearly quadrupled over the past decade, crossing 300 gigawatts (GW) in 2026.
India is now the world’s second-fastest-growing renewable energy market and the second-largest manufacturer of solar photovoltaic (PV) modules.
India Achieves 50% Non-Fossil Power Capacity Target Ahead of Schedule
The report noted that India achieved its target of sourcing 50 per cent of installed power capacity from non-fossil fuel sources in 2025, five years ahead of schedule, underscoring the pace of its clean energy transition.
According to the IEA, the rapid deployment of renewable electricity has already delivered significant economic and energy security benefits. Renewable power generation helped India save more than $100 billion in coal and natural gas import costs between 2011 and 2025. These cumulative savings are expected to more than double by the end of the decade.
The agency estimated that without the solar, wind and bioenergy capacity added since 2010, India’s coal imports in 2025 would have been around 110 million tonnes higher.
IEA Projects India’s Renewable Energy Capacity at 530 GW by 2030
Looking ahead, the report forecasts India’s renewable energy capacity to reach around 530 GW by 2030, with solar PV accounting for more than 80 per cent of all new installations.
The growth trajectory is expected to keep the country on track to meet its broader non-fossil power capacity goals.
Fatih Birol Highlights India’s Growing Renewable Energy Leadership
IEA Executive Director Fatih Birol said India’s renewable energy expansion is delivering major energy security benefits at a time of heightened uncertainty in global energy markets.
He noted that India’s experience demonstrates how stable and consistent policy measures can help lower renewable energy costs, attract investments and provide lessons for other emerging economies.
Union Minister for New and Renewable Energy Pralhad Joshi said India’s rise as a major renewable energy player reflects the progress made in recent years.
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