A sustainable, clean, reasonably valued, reliable energy system (RES) is vital for daily living, as energy is a one of the vital component of human life. Because of the massive releases of greenhouse gases (GHGs) in contemporary years, the amount of power generated from fossil fuels (FFs) and other sources has decreased. Utilization of renewable energy (RE) bases like bioenergy, hydro, hydrogen, geothermal, wind, and solar energy has increased in response to the growing world population and its energy demands. In addition, RES helped to enhance easy access to energy, increase energy security, and slow down climate change. India is one of the major actors in the worldwide renewable energy marketplace for its favorable climate, economic, growing opportunities, and robust government support. Consumption of RE has a positive correlation with economic development and be able to support trade balances, communal benefit, and the establishment of job opportunities. Renewable energy’s impact on economic growth is contingent upon an ample market capacity, adequate training, education and diverse economy to improve a workforce with the essential skills. Beyond gross domestic product (GDP), RE increases overall human well-being and welfare. By the year 2030, the percentage of RE in the world’s energy mix could lift the worldwide GDP. The objective of this chapter is to showcase significant endeavors, importance, investment strategies, employment opportunities, role of government policy, global energy transition and economic impact, technological innovations, challenges and prospects resulting from worldwide growth in RE were discussed in detail.