Why India is a key investment destination for renewables

Key policies open the market for global and domestic investors.

India is poised to be a key investment destination for renewables, driven by the next wave of policies and reforms, the Institute for Energy Economics and Financial Analysis (IEEFA) and Invest India reported.

In particular, the market is expected to benefit from reforms, such as the green energy corridor scheme, Production Linked Incentive schemes, and state electricity distribution companies (DISCOMs) privatisation.

“Ahead of the Union Budget 2023-24, the government’s approval of an initial capital outlay of Rs19,744 crore (about US$2.43b) under the green hydrogen mission is the latest example of a policy push that will position India as a green hydrogen export hub and attract global investors,” Shantanu Srivastava, Energy Finance Analyst, IEEFA, said.

“Investors would now be looking forward to a detailed breakup of the outlay for the PLI scheme for green hydrogen production and electrolyser manufacturing under the Strategic Interventions for Green Hydrogen Transition (SIGHT) programme of the green hydrogen mission.”

The report added that another global investment area includes new technologies, such as battery energy storage systems, offshore wind, and green hydrogen.

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