Global warming, climate change due to rising CO2 emissions, changing load demands from incandescent lamp and induction motor loads to digital loads, emerging electric vehicles and charging stations as well as higher power transmission losses are the factors which are pushing the global power system to make a shift from ‘generation + transmission + distribution’ to ‘distributed renewable generation + storage + localized distribution’. That is why the area of Smart Grids and Microgrids is being scrutinized thoroughly by researchers all over the world and is evolving every day. This research is an attempt to study all the modifications being done in the traditional power grid, to make it more intelligent, resilient, robust, and smarter, with a special focus on India. Smart Grid is a combination of information technology and power transmission, making the power system of the nation smarter. This paper is an attempt to trace the Smart Grid technology from its inception, presenting a comprehensive review of the available communication architecture options, renewable integration policies, targets and protocols and gives the required knowledge to engineers to work for better future of the nation in developing smarter power systems. A prediction of the share of renewables in total electricity production in the year 2030 is also made using linear regression analysis.