India to lead global green hydrogen push due to its strong asset base: Report

New Delhi— India is rapidly positioning itself as a key player in the global hydrogen economy, with a strong emphasis on green hydrogen, according to new data from S&P Global.

The report notes that India’s ability to become a low-cost hydrogen supplier will depend on maintaining early momentum, staying ahead of international competitors, and securing long-term offtake agreements. Thanks to its robust resource base and expanding infrastructure, India is well placed to lead worldwide development of green hydrogen.

Analysts highlighted the country’s swift progress in hydrogen technology and the pivotal role of the National Green Hydrogen Mission, launched on January 4, 2023, with a budget of ?19,744 crore. The mission aims to establish India as a global hub for producing, using, and exporting green hydrogen and its derivatives, targeting annual production of 5 million metric tonnes by 2030 and a 10 per cent share of global trade.

Developers expect India’s geographic advantage and relatively low production costs to boost exports to major markets such as the EU, Japan, and South Korea.

Further underscoring this momentum, Union Road Transport and Highways Minister Nitin Gadkari on September 26 inaugurated the country’s first “hydrogen highways,” which will feature hydrogen fueling stations along strategic national corridors to support long-haul hydrogen-powered freight.

To spur innovation, the government has also announced a ?100 crore funding call for hydrogen start-ups, offering up to ?5 crore per project for pilot initiatives in hydrogen production, storage, transport, and utilization technologies.

- With inputs from IANS