India has moved up a position to the third spot in the Renewable Energy Country Attractiveness Index released by EY on Wednesday.
“India’s solar sector is expected to grow significantly post the Covid-19 pandemic, with generation from solar PV forecast to exceed coal before 2040,” EY said in a statement.
“This dramatic change has been driven by the Indian government’s policy ambitions, which has led solar PV to be the most cost competitive source of power in the region and improving further with the passage of time,” it added.
The installed solar capacity in India grew nearly 12 per cent to 39GW in financial year 2020-21. “The economic attractiveness of solar PV and intense competition from the private sector has led to record low tariff bids in India,” said Somesh Kumar, Partner and National Leader, Power & Utilities, EY India. The US and China retained their first and second positions, respectively.