MODI’S MOVE : Smarter way to invest in renewable energy in India than the US
India has zoomed past the US to take the second spot on a list of the world’s most attractive renewable energy markets. China was ranked at the top, followed by India, In an annual ranking of the top 40 renewable energy markets worldwide in terms of allure.
The US slipped to the third spot from first in last year’s ranking, EY said. “The fall, the first for the US since 2015, to third in the ranking of the top 40 countries follows a marked shift in US policy under the new administration,” it said.
India had lagged in the renewable energy space for many decades. However, since his ascent to power in 2014, prime minister Narendra Modi has turned largely towards renewable energy to fix India’s chronic power shortages and reduce dependence on coal. In 2015, Modi called solar energy the “ultimate solution” to India’s energy crisis.
Modi’s “Make in India” helped india to stand up high.
Let’s see the top 10 most-attractive renewables markets for 2017 :
Modi’s Government future plan is to build 175 gigawatts in renewable energy generation by 2022 and have renewable energy account for 40% of installed capacity by 2040.
A combination of strong government support and increasingly attractive economics has helped push India into the second place.