Growth weighed in at 7.7% in February and averaged 10% on-year for the 11 months despite a high base of fiscal 2022 due to extreme weather events and robust industrial and manufacturing activity.

March is unlikely to see any let up amid early warnings on possible heat waves in northern and central parts this summer.

Demand for power in India appears set to close this fiscal with a growth of 9.5-10% on-year, compared with 8.2% last fiscal, according to CRISIL.

That would mark a decadal high rate of growth and almost double the 20-year average of 5.2%.
 
Growth weighed in at 7.7% in February and averaged 10% on-year for the 11 months despite a high base of fiscal 2022 due to extreme weather events and robust industrial and manufacturing activity. March is unlikely to see any let up amid early warnings on possible heat waves in northern and central parts this summer.
 
Says Hetal Gandhi, Director – Research, CRISIL Market Intelligence & Analytics, “A hotter-than-usual summer, with a high probability of multiple heat waves, is expected to keep power demand growing even next fiscal at 5.5-6%, despite two straight years of robust growth. The first half should see even higher growth given summer.”
 
As for generation, renewable (non-hydro) sources are estimated to account for ~11% of power this fiscal and their share is expected to rise a notch next fiscal, with solar and wind accounting for 13%. Hydro power accounts for another 11%.