Studies show that India will experience a significant increase in investment in renewable energy projects. According to India's Ministry of Power, investment in renewable energy projects in the country will increase by more than 83% to about $16.5 billion by 2024. This will contribute to India's ambitious target of 500GW of renewable energy by 2030, while also committing to reducing the share of electricity generation from fossil fuels to less than 50%. R K Singh, Minister of New and Renewable Energy at the Ministry of Power, has been stressing that India's share of non-fossil fuel power generation will reach 65% by 2030, which will significantly exceed the 50% target.

In an interview with industry media, Singh predicted a significant increase in the installed capacity of renewable energy generation facilities in India, which is expected to add 25GW by 2024, requiring an investment of about $16.5 billion. India will add 13.5GW of renewable energy by 2023, investing nearly $9 billion. In addition to accelerating the development of photovoltaic and wind power facilities, India has also intensified its investment and focus on green hydrogen to reduce its dependence on fossil fuels, especially diesel.

In January this year, the government of India approved the National Green Hydrogen Mission, which plans to allocate Rs 19,744 crore to promote green hydrogen production. In July, the Solar Energy Corporation of India (SECI) called a tender for incentives to produce 450,000 tonnes of green hydrogen per year and 1.5GW of electrolytic cell manufacturing facilities. Notable bid participants include Reliance Electrolyser Manufacturing, Adani New Industries, L&T Electrolysers and Bharat Heavy Electricals.

The National Green Hydrogen Mission aims to make India a global hub for green hydrogen manufacturing, with an annual hydrogen production capacity of 5 million tonnes by 2030. India's Ministry of Ports, Shipping and Waterways has identified major ports such as Deendayal, Paradip and Tuticorin for development and development as hydrogen hubs.

Singh stressed that the production of green hydrogen in India currently has a capacity of 7.8 million tonnes in various stages. The Green Hydrogen Transformation Strategic Intervention (SIGHT) programme, funded with Rs 1,749 crore, aims to boost green hydrogen and electrolyzer production, develop the ecosystem and promote industrial decarbonisation.

Industry experts, including Vineet Mittal and Rahul Munjal, expressed optimism about India's commitment to environmental sustainability and the country's potential to become a production hub for green hydrogen derivatives. The Central Power Authority's vision, which includes a target of installing 292GW of photovoltaic systems, 100GW of wind power facilities and 18GW of hydropower facilities by 2030, provides ample opportunities for various investments in the renewable energy sector. A study released by the Central Power Authority of India has also outlined the need to conduct large-scale tenders in key industrial sectors and promote green hydrogen use through Green Hydrogen Consumption Obligation (GHCO). Girishkumar Kadam of ICRA, an Indian rating agency, highlighted that India is expected to have installed about 170GW of renewable power generation capacity by March 2025, supported by heavy tendering activity and government tenders of 50GW of renewable energy per year.