According to top executives at Bank of America Corp., India has the potential to attract approximately $10 billion in investments in renewable energy in 2023. This represents a bright spot given that the public market mainly remains closed to large capital raises.
According to Kaku Makhate, president of Bank of America and head of India, investments and deals will continue to flow into green hydrogen and electric vehicles as investors attempt to incorporate the energy transition into their new portfolios. Kaku Nakhate went on to say that if they really need to tell the right ESG story and are interested in renewable energy, they can do a lot of work in India.
Retail and renewable energy are among the sectors that stand to gain as India surpasses rival emerging markets in its efforts to attract foreign investors. The geopolitical stability of India positions it for significant inflows, despite the fact that rising interest rates and market volatility that had an impact on global dealmaking.
The Indian government’s clear goals to achieve its net zero carbon goal impressed investors and businesses who attended the bank’s recent North American roadshow. Kaku Nakhate went on to say that people take them seriously, which is why they are seeing an increase in the number of sustainability funds that want to invest in India.