Foreign direct investment (FDI) in India’s renewable energy market reportedly grew by 9% year-on-year during the second quarter of FY 2023-24.
Mercom, citing data from India’s Ministry of Commerce and Industry, has reported that FDI figures stood at $505m in Q2 compared to $461.51m during the same quarter of the previous fiscal year.
Among the market segments that witnessed growth were solar, pumped hydro storage and wind projects.
However, overall investment in the Indian renewable energy sector decreased by 12% during H1 FY 2024, down to $1.24bn compared to $1.41 recorded a year earlier.
There has been a greater focus on FDI for sustainable projects in recent years. According to GlobalData’s International investment trends: FDI inflows specificities and related policies report, renewable and alternative power ranked 13th among the sectors with the largest share of FDI in 2019 and sixth by 2022.
In March 2023, Petronas said it was planning to invest in major clean energy investments in India, including hydrogen, renewable energy and electric vehicle charging points.
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Between 2019 and 2022, there were 2,606 FDI in greenfield projects, GlobalData’s FDI Projects Database data shows, 36% of which were in photovoltaic solar panels and 37% in onshore wind energy.