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India becomes fastest-growing energy market in the world

May 13, 2019 / ET EnergyWorld

India has finally acquired the long-awaited tag of the fastest growing energy market in the world. The country's investment in the energy sector grew at a rate of 12 per cent in 2018 -- the highest growth rate as compared to any other country, according to the International Energy Agency (IEA). "Among major areas, energy investment has risen most rapidly in India the past three years, up 12 per cent," The IEA said in its latest World Energy Investment (WEI) 2019 report. "In 2018, renewable spending continued to exceed that for fossil fuel-based power, supported by tendering for solar PV, and from 2017 wind, amid uncertain financial attractiveness of new coal power, though spending in coal supply rose somewhat. While transmission spending is expanding, investment in distribution has not grown.