India's Renewable Energy Sector Draws USD 6.1 Billion in FDI Equity Investment
Under the prevailing Foreign Direct Investment policy of the Government of India, the renewable energy sector allows up to 100 percent FDI under the automatic route.
December 20, 2023. By Abha Rustagi
This revelation, shared in a written reply to a question in Rajya Sabha on December 19, 2023, signifies the increasing global confidence in India's commitment to sustainable and clean energy.
Under the prevailing Foreign Direct Investment policy of the Government of India, the renewable energy sector allows up to 100 percent FDI under the automatic route, establishing an investor-friendly environment.
To enhance foreign investments, the government has implemented several measures, including the establishment of a Project Development Cell to attract and facilitate investments, the declaration of a trajectory for Renewable Purchase Obligation (RPO) until 2029-30, and the creation of Ultra Mega Renewable Energy Parks to support large-scale RE projects.
Other initiatives involve expanding transmission lines and sub-station capacity under the Green Energy Corridor Scheme and launching schemes like Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) and Solar Rooftop Phase-II.
Furthermore, the government has introduced the National Green Hydrogen Mission with the aim of positioning India as a global hub for green hydrogen production, utilization, and export. The implementation of the Green Term Ahead Market (GTAM) facilitates the sale of Renewable Energy Power through exchanges.
According to the Department for Promotion of Industry and Internal Trade (DPIIT), the cumulative FDI equity investment in the renewable energy sector has reached an impressive USD 6,137.39 million over the last three financial years and the current financial year, up to September 2023.
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