While inaugurating India Energy Week (IEW) 2023 in Bengaluru, Prime Minister Mr. Narendra Modi highlighted the significant increase in India’s energy demand, which is expected to reach 11% of the global demand as compared to the current 5%. With the increased demand and energy transition commitments, several energy firms are taking this as an opportunity to invest in India.
India during its ongoing G20 presidency has recently signed a memorandum of understanding (MoU) with the Indonesia-Malaysia-Thailand Growth Triangle Joint Business Council to further promote the adoption of energy efficiency and sustainable practices in the region, the Asian Lite reported.
In India's Budget for the year 2023, US$ 4.23 billion (Rs. 35,000 crores) were allocated as a priority capital investment toward energy transition in line with the government's objective to achieve the goal of net zero emissions by 2070. India is also aiming to become a global hub for green hydrogen production and exports. Under the National Green Hydrogen Mission, US$ 2.35 billion (Rs. 19,444 crores) has been allocated for green hydrogen aiming at producing 5 million tonnes of green hydrogen annually by 2030.
Additionally, India stood at fourth position in the world in terms of installed Renewable Energy capacity. Several schemes like National Smart Grid Mission (NSGM), the Green Energy Corridor (GEC), etc. have also been launched.
Furthermore, International Energy Agency's India Energy Outlook 2021 also projected that India could potentially have 140-200 gigawatt (GW) battery storage capacity, the largest for any country, by 2040.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.