10 Dec 2024
In recent months, India has surpassed China as the leading source of clean technology investment, with initiatives to promote domestic green manufacturing playing a key role in attracting investors. As per the data, deals totalling almost $2.4 billion were finalised in the third quarter, surpassing China by more than four times and ranking second-most globally, after the United States.
The momentum is driven by India's initiatives to develop domestic clean energy capabilities in order to reduce its reliance on China, along with the potential to emerge as a technology exporter, states Raj Pai, founding partner at climate-focused private equity firm GEF Capital Partners. He said that the climate sector holds significant appeal for both public and private investment.
A series of policy measures introduced by Prime Minister Narendra Modi's government are especially driving the growth in the clean energy sector, with India projected to experience the fastest rate of renewable energy expansion among major economies for the remainder of the decade, according to the International Energy Agency.
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