India ripe for renewable energy market
Washington, November 2:
India’s role as a hub for US technology companies could be mimicked in the renewable energy market, US and Indian business leaders in the sector have said, calling for greater deregulation and a global price on carbon emissions to help spur growth in alternative fuel sources.
“It turns out that India’s a very good place to start your endeavour,” Raj S Judge, a partner at the US law firm Wilson Sonsini Goodrich & Rosati told investors, trade officials and business leaders at a US-India renewable energy conference here. ‘The costs of implementation in India may actually be lower’ than in the US, he said.
A number of US companies have relocated high-tech operations to India in recent years, finding it more cost-effective because of lower wages and a highly intelligent workforce.
India is already well ahead of its regional rival China in luring renewable energy firms, according to Henry Steingrass, regional director of the US Trade and Development Agency.
“Much of the enabling environment is already there,” he said. “The market environment is more open and more ready” for partnerships with US firms. But businesses and trade officials also emphasised more deregulation would be necessary to allow US companies to take full advantage of opportunities in the country.
Such business deals would also help India satisfy its own ballooning energy needs.