Successful economies have several things in common, including a stable and reliable energy system with relatively affordable prices for households and businesses. This puts developing countries such as India in a difficult position as their infrastructure is mostly underdeveloped and production largely dependent on the marginal costs of fossil fuels. There seems to be momentum, however, in favor of decarbonizing developing countries from the perspective of investors. The Indian market is showing signs that it could be one of the largest benefactors of a movement that could boost renewables in the Asian country.
After China and the U.S., India is the third-largest emitter of greenhouse gasses. On a per capita level, its population of 1.36 billion people is relatively efficient when compared with most other countries. However, the prospect of India’s economic development and a growing population that will soon overtake China’s is a terrifying one. Therefore, the decarbonization of the South Asian country’s energy system is crucial in the fight against climate change.
India needs approximately $500 billion to invest in wind and solar infrastructure, grid expansion, and storage, to reach the 450 GW capacity target by 2030. The country is supposedly on track to reach its intermediary goal of 175 GW by 2022. According to the survey of the government in New Delhi, “additional investments in renewables up to the year 2022 would be about $80 billion.”
Source : https://oilprice.com/Energy/Crude-Oil/Can-India-Become-A-Major-Renewable-Energy-Player.html330