Sai Jai
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NEW DELHI: India has overtaken the US to become the second-most attractive country after China for renewable energy investment, according to a report by UK accountancy firm EY.
In an annual ranking of the top 40 renewable energy markets worldwide in terms of allure, China was ranked at the top, followed by India.
The US slipped to the third spot from the first in the last year's ranking, EY said. "The fall - the first for the US since 2015 - to third in the ranking of the top 40 countries follows a marked shift in US policy under the new administration," it said.
India was ranked third on the last year's EY renewable energy country attractiveness index (RECAI) behind the US and China.
"India continued its upward trend on the index to second position with the government's programme to build 175 gigawatts (gw) in renewable energy generation by 2022 and have renewable energy account for 40 per cent of installed capacity by 2040," EY said in a statement.
The country, it said, has added more than 10 gw of solar capacity in the last three years - starting from a low base of 2.6 gw in 2014. Also, there was a record new wind capacity of 5.4 gw installed in 2016-17.
In the report, EY said: "A combination of strong government support and increasingly attractive economics has helped push India into the second place."
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