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India: Adoption of cleantech

India’s ambitious green commitments are particularly extraordinary as its annual per capita carbon footprint is well below 2 tonnes—which is about a fourth of China’s, one-eighth of that of the United States, and less than one-third of the global average.

India set itself bold climate action targets at COP26. Prime Minister Modi’s historic five-point agenda or ‘Panchamrit’ (five elixirs) consists of achieving net-zero emissions by 2070; attaining the near-term goals of building 500 GW of non-fossil electricity capacity; meeting 50 percent of energy requirements from renewables; reducing 1 billion tonnes of emissions; and reducing the emissions intensity of India’s GDP by 45 percent by 2030. Most immediately, the Indian government aims to establish 175 GW of renewable energy (RE) capacity by 2022. These green commitments provide the framework currently guiding the country’s climate actions, including its strategic use of clean technology.

India’s push for cleantech is very visible. The Indian RE sector is currently the fourth most attractive RE market in the world, ranking fourth in terms of wind power, fifth in solar power, and fourth for the overall installed capacity of renewable power. According to a 2021 study, the total value of acquisitions in India’s RE sector grew by more than 300 percent, reaching US $6 billion in the first 10 months of 2021, from a value of less than US $1.5 billion in 2020.

Developing the electric vehicle (EV) sector and accelerating the transition to electric mobility form another key plank of India’s efforts to leverage tech in the war against emissions. The National Electric Mobility Mission Plan (NEMMP) 2020 aims to boost research and development (R&D) for hybrid and electric vehicle (xEV) technologies; strengthen the country’s xEV manufacturing, support and operations ecosystem; create demand for xEVs; and educate citizens about the benefits of xEVs. Thus far, the adoption of EVs in India has been slow, but as the execution of the NEMMP progresses, there is every indication that this will change. Much like the RE sector, the EV industry, too, is witnessing rapid investment and innovation—around US $6 billion was invested in 2021, which could rise to US $20 billion by 2030. Forecasts predict that EVs might account for around 40 percent of the Indian automobile industry by 2026, putting the country well on track to achieve a 1-gigatonne reduction in carbon emissions by 2030.

https://www.orfonline.org/expert-speak/advancing-the-cop27-agenda/

CROSS-BORDER TRADE

INDIA - CANADA

India and Canada’s ties saw remarkable transformation during the Indian Prime Minister’s visit to Canada in 2015. The two countries signed the MOUs in space technology, rail transportation, civil aviation, biotechnology, atomic energy, manufacturing skills, agriculture, electronic tourist visas, and Canadian nationals’ ten-year visas. In 2020, bilateral trade in goods and services stood at US$ 7.15 billion. Wherein Indian exports amounted to US$ 4.11 billion, and imports stood at US$ 3.04 billion. At the same time, bilateral trade in services reached US$ 4.02 billion. Major Indian exports to Canada include gems, jewelry, precious stones, pharmaceutical products, ready-made garments, mechanical appliances, etc. At the same time, imports includepulses, wood pulp, asbestos, potash, copper, etc. Canadian Pension Funds have pledged to invest approximately US$ 55 billion in India. Over 600 Canadian companies operate in the Indian market, and more than 1,000 companies are willing to enter India. Indian companies’ presence in Canada can be seen mainly in IT, software, steel, natural resources, and the banking sector.Canada is home to 1.6 million Indians, around 3 percent of its population. Canadian educational institutions have a significant number of Indian students pursuing various niche-specific courses.

Source: High Commission of India, Ottawa, Canada.

INDIA - USA

India and USA enjoy strong bilateral ties owing to regular exchanges at the leadership level. The two countries actively cooperate on multiple fronts such as defense, terrorism, transnational crimes, illicit financing and counterfeiting, narcotics, cyber security, climate and clean energy, science and technology and space, health, and education. USA was India’s second-largest trading partner with a bilateral trade of US$ 146 billion in 2019. While exports reached a record high of US$ 87.4 billion,imports from the USA stood at US$ 58.6 billion. During 2020-21, USA was the largest source of FDI into India, with inflows ofUS$ 13.80 billion. USA is one of the top 5 investment destinations for Indian FDI. Several bilateral dialogue mechanisms have been implemented to strengthen the economic ties between the two countries, such as the India-US trade policy forum, India-US commercial dialogue, India-US CEO forum, ICT, EFP, etc. An estimated 4.2 million Indian Americans reside in the USA, making Indians the third-largest Asian ethnic group. Indian Americans are among the most successful immigrant communities in the US.

Source: Embassy of India, Washington D.C., USA

INDIA - Learn More

  • The seventh-largest country by area

  • The second-most populous country with 1.3+ billion people

  • Fastest Growing Economies in the world

  • India is the world’s ninth-largest importer and the twelfth-
    largest exporter in the world

  • One of the most favoured Foreign Direct Investment (FDI)
    destinations in the world.

  • One of the fastest-growing economies with favourable
    investment climate for all industrial sectors

  • In a world buffeted by surging inflation, India offers relatively
    low labour and land costs.

  • India has the largest working-age population in the world.

  • Half its population is under 25

  • India is moving towards a new openness to free trade and increased global economic integration. It has has signed free trade agreements with Australia and the United Arab Emirates, and has embarked on negotiations with the United Kingdom, the European Union, Israel and others.

  • U.S. has recently launched the Indo-Pacific Economic Framework for Prosperity, an effort to counter China’s growing
    influence in the region. A dozen other countries, including India, Japan, and Australia, have joined the framework – but not
    Canada.

  • India’s economic opening to the world is happening against a backdrop of severe disruptions in global trade caused by the
    COVID-19 pandemic, Russia’s invasion of Ukraine, and the spectre of a global recession.

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Make in India initiative

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The Growth Story

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