Ujaas Energy, Websol among other renewable energy stocks that rally up to 270% in Modi's 3.0 term

As Prime Minister Narendra Modi completes one year of his third tenure, renewable energy sector has been seen targeting ambitious goals for the sector. The aim is arealising 500 GW of non-fossil fuel capacity by 2030 that includes 280 GW from solar and 140 GW from wind. Furthermore, as part of its goals, India is looking to meet 50 per cent of its energy needs via renewables, lowering emissions intensity by 45 per cent by 2030, and thereafter achieving net-zero emissions by 2070.

Progress in the space during PM Modi's third term in office

India pips Japan's in solar power generation

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India achieved a significant feat and pipped Japan to become the world's third leading solar power generator, ranking now only after China and the United States. As per the available data, India's share of electrictity generated from the solar source rose to 5.8 per cent in 2023 in comparison to 0.5 per cent in 2015.

This rise in the global solar rankings is attributed to a number of reasons including, ambitious government policies, continued investments, as well as a strong focus on reducing import dependence by boosting domestic manufacturing of solar equipment.

Continued support for solar power equipment manufacturing

As part of its clean energy strategy, constant support is provided for solar power equipment manufacturing, which is aimed at reducing import dependence, create domestic industrial capacity s well as realise progressive renewable energy targets. Likewise, the government has implemented a number of schemes like the Production-Linked Incentive (PLI) Scheme and other custom duty adjustments together with the Domestic Content Requirement (DCR) for fostering growth in the sector.

Continued focus on projects like PM Suryaghar Yojana and PM Kusum Scheme

Also, the government in order to promoter solar energy has been coming up with schemes like PM Suryaghar Yojana and PM Kusum Schemee which are pivotal for India’s push of the renewable energy, energy security as well as rural-urban energy access.

Renewable energy stocks performance

Renewable Returns in 1 Y
Borosil Renewables 17%
Premier energies 26%
Waaree renewables 21%
Waaree energies 21%
Websol 140%
NLC India 9.50%
Reliance Power 150%
ACME Solar Hold. 0.30%
GMR Urban 65%
Inox Green 41%
Insolation Ener 16%
Ujaas Energy 270%