Advantage India
Robust
Demand
* In June 2021, Prime Minister Mr. Narendra Modi stated that renewable energy capacity in India increased by 250% between 2014 and 2021.
* The Central Electricity Authority estimates India’s power requirement to grow to reach 817 GW by 2030. Most of the demand will come from real estate and transport sectors.
Increasing
Investments
* Non-conventional energy sector received FDI inflow of US$ 12.57 billion between April 2000-June 2022.
* Rising foreign investment in the renewable sector (such as the US$ 75 billion investment from the UAE) is expected to promote further investments in the country.
Policy
Support
* In the Union Budget 2022-23, the government allocated Rs. 19,500 crore (US$ 2.57 billion) for a PLI scheme to boost manufacturing of high-efficiency solar modules.
* India launched the Mission Innovation CleanTech Exchange, a global initiative that will help accelerate clean energy innovation.
Competitive
Advantage
* Globally, India ranks fourth in renewable energy capacity and wind power and fifth in solar power capacity.
* In October 2021, India retained its third rank on the EY Renewable Energy Country Attractive Index 2021.
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