India’s solar industry has emerged as a beacon of global confidence, attracting a staggering $3.86 billion in foreign direct investment (FDI) over the past three years. Led by top contributors from Singapore, the UK, and Mauritius, this influx of capital underscores India’s pivotal role in the renewable energy transition.
Singapore Leads with Strategic Investment
Singapore leads the charge with an investment of USD 780.781 million, reaffirming its commitment to India’s solar sector. This significant contribution reflects the strong partnership between the two nations and Singapore’s recognition of India’s renewable energy potential.
UK and Mauritius Amplify Support:
Following closely behind, the United Kingdom and Mauritius contribute USD 778.271 million and USD 632.523 million, respectively. Their investments bolster India’s solar industry, signalling a global consensus on the country’s renewable energy trajectory.
Beyond the top contributors, countries like the UAE, the Netherlands, Japan, and Norway have made substantial investments in India’s solar sector. Even smaller nations like the Seychelles, Bermuda, Germany, and Sweden have joined the coalition for a sustainable future.
Solar Capacity Surge:
India’s solar power installed capacity has witnessed a remarkable surge, growing from 2.82 GW in 2014 to 73.32 GW in 2023. This exponential growth underscores India’s unwavering commitment to renewable energy expansion and its aspiration to lead the global solar revolution.
India’s solar success story epitomises the power of international collaboration and collective action in addressing climate change challenges. As foreign investments pour in and solar capacity soars, India’s journey towards energy independence serves as a beacon of hope for a sustainable future.