This study examines the contribution of renewable energy towards meeting the country"s energy security while eliminating power shortages and meeting the economic growth aspirations over the next twenty years i.e. till 2031. This study specifically explores the possibility of adopting renewable energy generation based on its economics vis-à-vis that of other conventional sources. Further, this study also assesses the financial impact of any subsidy or policy push provided to the renewable energy sector with the aim of achieving energy security for the country. A coalesced qualitative-quantitative approach has been adopted to capture the dynamics of Indian power markets and address the specific objectives of the study. The approach centers around capturing various attributes of the sector in a quantitative framework under an economic dispatch model followed with the examination of various parameters that can affect the renewable and other conventional generation. The study is broadly divided into three main parts; with each part involving substantial qualitative and quantitative analysis in addition to stakeholder discussions to develop deeper understanding and to achieve consensus on key issues.