India is ranked at third place in the Renewable energy Country attractiveness Index after the United States and China, according to a report by EY.
EY stated, “This is mainly due to strong and vigorous focus of Indian government on renewable energy tied with the actual timely and proper implementation of respective projects.
Surpassing others in the index by the scale and size of renewable activity, the US, China and India are featured in the top three countries in the list.
“The so-called emerging markets now signify half of the countries in the 40-strong index, including four African markets marking in the top 30.” It said.
It further added, “A decade ago, china and India were competitive enough for renewable energy investment for the more developed markets. Now Chile, Brazil and Mexico also mounted ranking in top 10 in the index, while Germany and France slumped in the recent ranking.
The report also demonstrates that low solar bids appearing unviable are not a India restricted phenomenon but other countries like Mexico, Dubai etc have also been reported very low solar bids” Kuljit Singh, Partner-Infrastructure practice said.
"As is the case with India, the wind continues to be at a pricing premium to solar in rest of the world but both these technologies are racing towards grid parity which may lead to not so desirable consequences for traditional utility business models," Singh said.