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Emerging Markets And Opportunities From India’s Clean Energy Initiatives

Sabarish Elango, Deepak Yadav, Akash Gupta, Harsha Rao, Hemant Mallya, Akanksha Tyagi, and Disha Agarwal
January 2023 | Industrial Sustainability

Suggested citation: Sabarish Elango, Deepak Yadav, Akash Gupta, Harsha Rao, Hemant Mallya, Akanksha Tyagi and Disha Agarwal. Emerging Markets and Opportunities from India’s Clean Energy Initiatives. South Asia Scan, Issue No. 17 (Singapore: Institute of South Asian Studies, December 2022).


This paper, published by the Institute of South Asian Studies at the National University of Singapore, examines four key sectors in India’s energy transition – renewable power, natural gas, bioenergy and green hydrogen. The paper explores the current status and potential for growth in each sector, along with initiatives taken by the Government of India and the private sector to stimulate development. It also studies the potential for foreign investment and collaboration in each sector and the overall challenges and risks the country faces during the energy transition.

Key Highlights

  • India has significant untapped green energy potential. In the future, India can look inward for its energy needs, reversing the historic trend of dependency on imports for its energy needs. 
  • There is political will to accelerate the clean energy transition. Efforts by the Government of India have helped unprecedented growth in renewable power generation, quadrupling the installed capacity of solar and wind power in a decade. It has incentivised the private sector to drive investments and R&D indigenously.
  • Singapore is one of India’s most important trading partners. With India’s rising prominence in global geopolitics, the two countries have several avenues for mutually beneficial development in the clean energy sector.
  • India’s energy transition has a substantial potential for generating strategic investment and collaboration opportunities for Singapore’s industries. Singapore’s refinery, electronics, aviation and shipping sectors coupled with its R&D capabilities could make it an ideal partner for joint development of India’s renewable energy industry.
‘The Indian economy has started to transform to low-carbon energy sources and is firmly on the pathway to decoupling its GDP from emissions.’

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