Table 29 shows the 2018 Renewable Energy Investment Report of the major players in the renewable energy sector according to Bloomberg New Energy Finance`s 2018 report. According to the report, global investments in renewable energy amounted to $279.8 billion in 2017. The top ten global investments are China (126.1 $BN), the United States (40.5 $BN), Japan (13.4 $BN), India (10.9 $BN), Germany (10.4 $BN), Australia (8.5 $BN), the United Kingdom (7.6 $BN), Brazil (6.0 $BN), Mexico (6.0 $BN) and Sweden (3.7 $BN) [75]. This success has been possible because these countries have well-established strategies to encourage investment [76, 77]. Although India has experienced rapid and remarkable economic growth, energy is still scarce. Strong economic growth in India is increasing the demand for energy, and more energy sources are needed to meet this demand. At the same time, the country faces the challenge of sustainable development due to the increasing degradation of the population and the environment. The gap between electricity supply and demand is expected to widen in the future [32]. Table 4 shows the state of the country`s electricity supply from 2009/2010 to 2018/2019 (to October 2018).

In 2018, energy demand was 1,212,134 GWh and availability was 1,203,567 GWh, a deficit of −0.7% [33]. In India, the main legislation for electricity (including renewable energy (RE)) is the Electricity Act 2003 (EA 2003). The power to legislate on electricity matters is shared between the central and state governments.2 However, in the event of inconsistency between the two, central legislation will prevail over state legislation.3 The proposed rules state that any consumer, including industry, can also meet their renewable energy obligation (RPO) by purchasing green hydrogen. However, clarified that “the quantum of green hydrogen would be calculated taking into account the equivalence to green hydrogen. hydrogen produced from one MWh of electricity from renewable or multiple sources. According to the Central Electricity Authority of India (CEA) Generation and Load Balancing Report (2016-2017), electricity demand for 2021-2022 is expected to be at least 1915 terawatt hours (TWh), with peak electricity demand of 298 GW [34]. Increasing urbanization and rising incomes are responsible for increased demand for electrical appliances, i.e. increased demand for electricity in residential areas. Increased demand for materials for buildings, transportation, capital goods and infrastructure is driving demand for industrial electricity.

Increasing mechanization and the shift to groundwater irrigation throughout the country is driving the demand for pumps and tractors in the agricultural sector and thus the high demand for diesel and electricity. The proliferation of electric vehicles and the shift to electric and induction ranges will drive electricity demand in the other sectors listed in Table 5. The Government has developed various strategies to develop renewable energy sources in the country. Most of these measures take the form of financial and fiscal incentives or special guidelines to promote renewable energy. Politicians are constantly working to meet the target set for 2022. Policies are managed by the Ministry of New and Renewable Energy Sources (MNRE). Some of the policies and fiscal measures in India for renewable energy are discussed below – Decommissioning must comply with all municipal and environmental laws regarding disposal of equipment. The 2015 National Offshore Wind Policy, notified by MNRE, authorizes NIWE to impose conditions requiring the proponent to submit a site decommissioning and remediation program when issuing a lease agreement for an offshore wind farm project. The program is part of an environmental impact statement and the proponent is required to provide a deposit or financial guarantee to ensure proper closure. The 2016 Onshore Wind Project Development Guidelines also require a wind project to have a decommissioning plan. NIWE is responsible for formulating guidelines for the dismantling of wind turbines. 38 See mercomindia.com/delhi-new-ev-incentives-policy/.

Under the 2018-2019 Union of India budget, INR 3762 crore (USD 581.09 million) has been allocated to interconnected renewable energy systems and projects. As of 31.12.2018, the total installed renewable energy capacity (excluding large hydropower plants) in the country was 74.08166 GW. Approximately 9,363 GW of solar, 1,766 GW of wind, 0.105 GW of small hydro (CHP) and biomass with a capacity of 8.7 GW were added between 2017 and 2018. Table 11 shows the installed capacity of renewable energy over the last 10 years up to 31.12.2018. Wind continues to dominate the country`s renewable energy industry, accounting for more than 47% of the cumulative installed renewable capacity (35,138.15 MW), followed by solar at 34% (25,212.26 MW), biomass/cogeneration at 12% (9075.5 MW) and small hydro at 6% (4517.45 MW). In the 2018 Renewable Energy Countries Attractiveness Index (RECAI), India ranked fourth. Installed renewable energy generation capacity has grown at an accelerated pace in recent years, reaching a CAGR of 19.78% between 2014 and 2018 [45]. Read more: Subsidies for India`s renewable energy sector shrink, need renewed support, study finds A country`s population size and growth significantly affects energy demand. With 1.368 billion citizens, India ranks second among the most populous countries in January 2019 [31]. The annual growth rate is 1.18%, or nearly 17.74% of the world`s population.

The country is expected to have more than 1.383 billion, 1.512 billion, 1.605 billion inhabitants by the end of 2020, 2030, 2040 and 2050. Every year, India adds more people to the world than any other nation and the specific population of some states of India is equal to the population of many countries. The Indian government also provides financial incentives to certain projects under programs such as VGF for some solar projects. To provide timely and adequate lending to renewable energy projects, Indian banks must treat loans up to Rs 150 million as senior sector loans. Subsidies are adequately provided for conventional fossil fuels, giving the false impression that electricity produced from conventional fuels is a higher priority than electricity produced from renewable energy sources (unfair subsidy structure). The proposed rules aim to accelerate the uptake of renewable energy by addressing various concerns related to the green energy sector. The Union Ministry of Energy published the rules online on August 16 and asked all stakeholders to comment within 30 days. The proposed Regulations identify green energy as electrical energy produced from renewable energy sources for consumers, including industries with a load of 100 kW (kilowatts) or more. 21 See www.vibrantenergyholdings.com/assets/files/press-release/Sify%20Press%20Release.pdf. The tariff policy stipulates that distribution companies only purchase electricity from renewable energy sources through competitive bidding from a date to be notified by the GOI, with the exception of certain projects. The tariff for hydroelectric developers is set by CERC or SERC on a cost-plus basis, allowing for a fixed return on equity.

The Central Commission currently sets general tariffs for renewable installations based on the parameters set out in the 2017 Regulation of the Central Electricity Regulatory Commission (conditions for determining tariffs from renewable energy sources). This Regulation defines `renewable energy` as grid-quality electricity produced from renewable energy sources. The term “renewable energy sources” has been further defined in the Regulations to include small hydro, wind, solar energy, including its integration into combined cycles, biomass, cogeneration with biofuels, municipal or municipal waste and other sources approved by the Ministry of New and Renewable Energy. A combination of incentives and attraction mechanisms, accompanied by specific strategies, should encourage the development of renewable energy technologies. Technological advances, appropriate regulatory policies [17], tax deductions and attempts to increase efficiency through research and development (R&D) [18] are some of the ways to save energy and the environment that should ensure that renewable resource bases are used cost-effectively and quickly. Therefore, strategies to promote investment opportunities in the field of renewable energy as well as jobs for unskilled workers, technicians and entrepreneurs will be discussed. This article also describes the technological and financial initiatives [19], policy and regulatory frameworks, as well as training and education initiatives [20, 21] launched by the government for the growth and development of renewable energy sources. The development of renewable technologies has encountered explicit obstacles and it is therefore necessary to discuss these obstacles. In addition, it is also important to find possible solutions to overcome these obstacles and, therefore, appropriate recommendations for the steady growth of renewable energies have been proposed [22,23,24].

Given the huge potential of renewable energy in the country, coherent policies and investor-friendly administration could be the main drivers for India to become a global leader in clean and green energy.