India’s solar energy capacity ascends to 54GW with 41.39% CAGR

India’s solar energy capacity has witnessed a remarkable growth, reaching 54 GW with a Compound Annual Growth Rate (CAGR) of 41.39%, according to recent data released by the Ministry of New and Renewable Energy. The country’s solar energy capacity has grown from a mere 2.6 GW in 2014 to 54 GW as of December 2022, demonstrating India’s commitment to renewable energy.

The Indian government has set an ambitious target of achieving 100 GW of solar energy capacity by 2022, and the recent figures suggest that the country is well on track to achieve this goal. The government’s efforts to promote the use of solar energy and the adoption of various policies and schemes, including the National Solar Mission, have played a significant role in driving the growth of the sector.

The increase in India’s solar energy capacity has not only helped the country in reducing its carbon footprint, but it has also led to significant cost savings for consumers. The falling prices of solar panels and the increased efficiency of solar technology have made solar energy an increasingly viable and attractive option for both households and businesses.

With the government’s continued focus on renewable energy, including solar energy, India is poised to become a global leader in the sector. The recent figures suggest that the country is making significant progress in achieving its targets and is well on its way towards a sustainable and green future.

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