India has seen remarkable progress in its renewable energy sector, with the installed capacity reaching 209.44GW by December 2024, accounting for 45.3% of the total capacity. The country aims to achieve 500GW of non-fossil fuel energy capacity by 2030 and net-zero emissions by 2070. However, challenges like financial distress in distribution companies, regulatory hurdles, and delayed payments to developers impede the sector's growth. The Green Energy Open Access (GEOA) rules have attracted corporate and industrial consumers towards clean energy procurement, aiding in achieving net-zero targets. The Inter-State Transmission System (ISTS) waiver has been vital for renewable projects, especially hybrid and storage projects, by exempting transmission charges. Despite the positive strides, regulatory uncertainties, such as the rejection of tariff approval for BESS projects and legal setbacks like the Karnataka High Court's ruling on open access rules, pose threats to the energy transition. To ensure sustainable growth, India needs to address financial, regulatory, and infrastructure challenges while fostering a stable and transparent regulatory environment.