Renewable energy in India: Issues and prospects Dr Rajput Namita*, Ms. Kumar Richa**, Ms Batra Geetanjali*** *Associate Professor, Department of Commerce, Sri Aurobindo College (M), University of Delhi **Research Scholar, Department of Financial Studies, University of Delhi ***Assistant Professor, Department of Commerce, ARSD College, University of Delhi Online published on 21 November, 2013. Abstract The notion of a green economy has become a core of policy debates in recent years as it provides a way out to the multiple crises that the world has been facing in recent years –the climate, food and economic crisis. The concept of green economy carries the promise of a new economic growth paradigm that is responsive to the earth's ecosystems which is the need of today. India recorded 62% rise in investment in renewable sector according to the Renewables 2012 Global Status Report published by the Renewable Energy Policy Network. India was the fifth largest investor in renewable energy in 2011 after China, US, Germany and Italy and has the sixth largest capacity in the world (excluding hydro). The Ministry of New and Renewable Energy said that a significant quantum of the investments made in 2011 came through the FDI route. India ranks sixth among the world's 20 leading economies in attracting funds for clean energy projects. Clean energy investment in India, has increased 600 percent since 2004, supported by national policies. The objective of this paper is to provide an overview of the status of Energy Efficiency (EE) and Renewable Energy (RE) in India by analysing associated opportunities, risks, present status and the role it can play in Economic Development in the present scenario (taking GDP as a proxy for Economic Development). Hence if this scenario continues India will be a global leader in renewable energy sector. Little twist, assistance and optimistic view can go a long way in this trend along with policy changes, which will attract more FDI through this route. Top Keywords Renewable Energy, FDI, economic development, technological revolution, energy investment. Top |