New Delhi [India], November 12 (ANI): India's expansion of renewable energy capacity has helped the country avoid more than USD 100 billion in coal and natural gas import costs between 2011 and 2025, highlighting the economic and energy security benefits of generating more electricity domestically, according to a report by the International Energy Agency (IEA).
The IEA's India Renewable Energy Market Report 2026 estimates that renewable electricity generation helped India save more than USD 100 billion, equivalent to around Rs 9.4 lakh crore, in fuel import expenses over the 15 years.
The savings could increase significantly in the coming years as India continues to expand its solar, wind and bioenergy capacity.
The report estimates that cumulative savings on coal and gas imports could reach nearly USD 240 billion, or around Rs 22.6 lakh crore, by 2030.
This projection assumes that international fuel prices remain broadly at their 2024-25 average levels.
The IEA further estimates that annual savings from renewable energy could reach around USD 35 billion, equivalent to approximately Rs 3.3 lakh crore, by 2030. This would exceed India's entire spending on non-coking coal and natural gas imports in FY 2024-25.
The expansion of renewable energy has also reduced the country's dependence on imported coal.
According to the report, without the solar, wind and bioenergy capacity added since 2010, India would have needed around 110 million tonnes of additional imported coal in 2025 alone.
India's renewable energy capacity has nearly quadrupled over the past decade, crossing 300 GW in 2026. Between March 2014 and September 2026, the country added 168 GW of solar capacity and 38 GW of wind capacity. Bioenergy capacity reached nearly 12 GW by September 2026.
The IEA identified India as the world's second-fastest-growing renewable energy market and the second-largest manufacturer of solar panels.
India also achieved 50 per cent of its installed electricity capacity from non-fossil sources in 2025, meeting its 2030 target five years ahead of schedule.
The report attributed the progress to sustained policy support, ambitious targets and long-term planning. It also highlighted the role of competitive bidding in bringing down renewable energy costs.
Tariffs for solar projects commissioned in 2025 were around 40 per cent below the average cost of coal-based electricity, according to the report.
Government initiatives such as PM Surya Ghar: Muft Bijli Yojana have supported rooftop solar installations, allowing households to generate their own electricity and reduce power bills.
The PM-KUSUM scheme has also supported the use of solar-powered irrigation pumps and electricity supply to farms.
The report further highlighted Production Linked Incentive schemes and policies encouraging domestically manufactured solar equipment, which have attracted investment in India's solar manufacturing sector. (ANI)
India saved over Rs 9.4 lakh crore in coal and gas imports through Renewable Energy, says IEA