India's electricity generation growth slowed to its lowest pace since the 2020-2021 pandemic, primarily driven by a weakening economy in the latter half of 2024.
Weakening economic growth in the second half of 2024 slowed the increase in India’s electricity generation to the slowest pace since the 2020-2021 pandemic, according to a Reuters analysis of government grid data. India’s power generation continued to rise last year, by 5.8% from 2023, to 1,824.13 billion kilowatt-hours kWh, per the data from federal grid regulator Grid-India analyzed by Reuters. This is robust growth by global standards, but slower by India’s standards.
India, which has seen much higher GDP growth since the pandemic compared to all other developing and developed nations, had higher electricity growth rates in the previous two years. In 2024, power output jumped by 9.6% in the first half compared to the same period of 2023. But electricity generation grew by only 2.3% in the second half of 2024 from a year earlier, according to the federal grid data compiled by Reuters. The key reason for the slower growth in India’s power generation in the latter half of the year has been mostly attributed to lower economic growth. In the July to September quarter, India’s economic growth was at 5.4%, the lowest in seven quarters and well below the Reserve Bank of India RBI forecast of 7%. Weaker consumer demand and sluggish private investment have contributed to the slowdown, according to analysts. India’s economy is on track for its slowest growth pace in four years in the fiscal year 2024/2025 ending March 2025, per the first advance estimates by the National Statistics Office NSO released on Tuesday. India’s real GDP is estimated to grow by 6.4% in FY 2024-25, slower compared to the growth rate of 8.2% in FY 2023-24, the advance government estimate showed. Yet, colder weather and an expected pickup in industrial activity this year could push India’s power demand growth to 6%-7% in 2025, analysts sa
ECONOMY ENERGY INDIA ELECTRICITY GROWTH
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