Fiscal Year 2024 | India’s Electricity Consumption Increased By 7.5% In The First 10 Months of the Current Financial Year.

Fiscal Year 2024 | India's Electricity Consumption Increased By 7.5%

Fiscal Year 2024 | India’s Electricity Consumption Increased By 7.5% In The First 10 Months: So, in the first 10 months of this financial year (April-January), the country’s electricity usage went up by 7.5%, hitting 1,354.97 billion units. That’s a good sign, suggesting a boost in economic activities nationwide.

To put it in perspective, during the same period last financial year, we used 1,259.49 billion units. For the entire 2022-23 financial year, the total electricity consumption was 1,505.91 billion units. Experts are saying that this surge in electricity usage is a clear indication of the growing economic activity. Things are looking up!

Fiscal Year 2024 | India's Electricity Consumption Increased By 7.5%
Fiscal Year 2024 | India’s Electricity Consumption Increased By 7.5%

India’s Electricity Consumption Increased By 7.5% In The First 10 Months of the Current Year

New Delhi: The country’s electricity consumption increased by 7.5 percent year-on-year, reaching 1,354.97 billion units during the first 10 months (April-January) of the current financial year. This surge is indicative of a notable uptick in economic activities nationwide, according to data released by the government. In comparison, the electricity consumption for the same period in the previous financial year was 1,259.49 billion units. The total electricity consumption for the entire financial year 2022-23 was 1,505.91 billion units.

Fiscal Year 2024 | India’s Electricity Consumption Increased By 7.5%: Experts believe that the 7.5 percent increase in electricity consumption clearly reflects the acceleration in economic activities during the initial 10 months of the current financial year. They noted that August, September, and October saw a significant rise in electricity consumption, primarily driven by increased industrial activities ahead of the festive season. The experts anticipate a stable growth in electricity consumption in February due to improvements in economic activities and the situation stabilizing after the cold wave.

Fiscal Year 2024 | India’s Electricity Consumption Increased By 7.5%

The National Statistical Office (NSO) has projected a 7.3 percent economic growth rate for the country in the fiscal year 2023-24, according to its initial estimates released in January.

Data indicates that electricity consumption in January increased by 5.4 percent to 133.18 billion units compared to 126.30 billion units in the same month of the previous year. The maximum daily electricity demand in January rose to 222.32 gigawatts, surpassing the previous records of 210.72 gigawatts in January 2023 and 192.18 gigawatts in January 2022. Specialists attribute the January increase in electricity consumption to both improved demand and consumption patterns, particularly in Northern India, where temperatures dropped significantly. The use of heating appliances such as heaters, blowers, and geysers increased due to the cold wave, contributing to an overall rise in electricity demand.

Fiscal Year 2024 | India's Electricity Consumption Increased By 7.5%
Fiscal Year 2024 | India’s Electricity Consumption Increased By 7.5%

Ministry of Power India

Fiscal Year 2024 | India’s Electricity Consumption Increased By 7.5%: The Ministry of Power had estimated that electricity demand in the country could reach up to 229 gigawatts during the summer of 2023. However, erratic rainfall resulted in lower-than-expected demand estimates from April to July. Despite reaching a new peak of 224.1 gigawatts in June, the demand dropped to 209.03 gigawatts in July. August saw the maximum demand reach 238.82 gigawatts, followed by 243.27 gigawatts in September 2023. Maximum demand in October was 222.16 gigawatts, 204.77 gigawatts in November, and 213.62 gigawatts in December.

 

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