The institutional framework in India attracts investments for its growing energy needs - private sector investments are allowed in coal mining, open up oil and gas retail markets.

The blue-chip NSE Nifty 50 index fell 0.4% to 14,687 and the benchmark S&P BSE Sensex dropped 0.6% to 49,579.75

US crude imports by India stood at 12.69 million mt in 2020, up nearly 29% from a year earlier, helping the country move up to fifth position from sixth in 2019,

India aims to achieve 175 GW of renewable capacity (excluding large hydropower) by 2022.

The UAE was India's third-largest supplier of crude in 2020, behind Iraq and Saudi Arabia, with volumes of 21.35 million mt and an 11% market share,

The Central Electricity Authority (CEA) projects that solar and wind will form 51% of India’s total installed capacity, or 420GW, by 2030, with biomass and small hydro adding another 30GW, while the IEA’s India Energy Outlook 2021 says that India could add 900GW of renewable capacity by 2040.

The NSE Nifty 50 index was up 0.77% at 14,820.45 by 0450 GMT, while the S&P BSE Sensex gained 0.63% to 50,061.21.

Hydropower accounts for 13% of India's total capacity, with 50 GW (2019). Over 93 GW of new hydropower projects are in various phases of development.

One of the key mitigation measures is development of adequate energy storage capacity in India.

This dramatic growth in renewable energy capacity reinforces the fact that India is witnessing an unprecedented energy transition to low-carbon development,