New Delhi, Sep 28 India is emerging as a global leader in the hydrogen industry, with a strong focus on green hydrogen, according to a report.
The data compiled by S&P Global said that India's potential to become a low-cost hydrogen supplier depends on sustaining its early momentum against strong competitors and securing offtake agreements.
India is positioned to lead the world in developing green hydrogen because of its strong asset base, the report added.
It highlighted India's impressive progress in developing hydrogen capabilities and its leadership role in the global hydrogen industry. Analysts highlighted the National Green Hydrogen Mission's significance for the transition to cleaner energy and energy independence.
The Union Cabinet approved the Mission on January 4, 2023, with a budget of Rs 19,744 crore. The initiative aims to establish India as a global centre for the production, utilisation, and export of green hydrogen and its derivatives, with a target of 5 million metric tonnes of annual production by 2030 and also sets a goal of capturing 10 per cent of the global trade.
Indian developers are hoping to gain a low-cost advantage, which, in addition to its geographical location, can enable exports to the EU, Japan and South Korea, the report said.
Union Road Transport and Highways Minister Nitin Gadkari had on September 26 launched India's first "hydrogen highways", accelerating the country's green hydrogen initiatives.
The project involves setting up hydrogen fuelling stations along strategic national highway corridors to support long-haul hydrogen-powered freight.
The government also recently announced a Rs 100 crore call for proposals to support start-ups in hydrogen innovation.
The scheme allocates up to Rs 5 crore per project for pilot projects in hydrogen production, storage, transport, and utilisation technologies.
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