Green energy investment in India to be $10 billion in 2023, predicts Bank of America

New Delhi: India could attract close to $10 billion investment in renewable energy in 2023, according to Bank of America Corp.’s top executives who are bullish on the country’s ability to attract deals and investments in the green energy sector.

This is seen to further fillip the country’s growth in renewable energy space.

Kaku Nakhate, the lender’s president and India country head, in an interview said that deals and investments will continue to flow into areas including electric vehicles and green hydrogen as investors look to reflect the energy transition in their portfolios.

“If you really have to get your ESG story right, and if you are into energy, then you can do large pieces of work in India,” Nakhate said.

Even as rising interest rates and market volatility have been affecting the dealmaking across the globe, India’s geopolitical stability helps it for greater inflows.

Nakhate said that investors and companies participating in the bank’s recent North America roadshow were impressed by the targets of the Indian government to achieve net zero carbon.

“People take us seriously. That’s why we are seeing more sustainability funds that want to invest in India,” she said.

Nakhate also predicts an increase in dealmaking in consumer brands, which are supported by rising per capita income and spending.

“If you want to play the India story, you will want a mix of brands to enjoy the distribution story,” she said.

Nakhate further said that the bank also expects India to benefit from so-called friend-shoring by companies that are rethinking their supply chains, disrupted by Covid-19 pandemic and the Ukraine war.

“India, with its democratic traditions and robust domestic markets, is well suited to attract this capital,” she added.

With inputs from agencies

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