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<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

One thing that the entire country is worried about today is rising fuel prices that are burning a hole in our pockets. <div type="image" title="Simpson meme" msid="91155009" hostid="261"></div> The price of crude oil, which is used to make petrol and diesel, shot up after Russia – one of the major oil-producing countries – went onto the battlefield with Ukraine. India currently imports <a href="https://www.businessinsider.in/finance/news/crude-oil-surges-significantly-to-109-per-barrel-as-countries-look-for-options-other-than-russia/articleshow/89936843.cms">85% of its oil demand </a>and the rise in crude oil prices directly increases import bill and expenses. And crude oil prices have increased more than 50% in the last one year <a href="https://www.businessinsider.in/finance/news/crude-oil-surges-significantly-to-109-per-barrel-as-countries-look-for-options-other-than-russia/articleshow/89936843.cms">to $100 from $60 a year </a>ago. This ever-increasing demand for fuel and dependency on imported crude oil for domestic needs has made us wonder if there's an alternative solution to this problem. Yes, there is! <keyword id="169046" type="General" weightage="100" keywordseo="hydrogen" source="Orion">Hydrogen</keyword>. What is hydrogen and can it be used as a fuel? Hydrogen is a <keyword id="154273" type="General" weightage="20" keywordseo="clean-energy" source="Orion">clean energy</keyword> alternative and can be made directly from fossil fuels or biomass, or it can be produced by passing electricity through water. <keyword id="8411893" type="General" weightage="80" keywordseo="green-hydrogen" source="Orion">Green hydrogen</keyword> (GH2) can be generated by breaking water (H20) into hydrogen and oxygen through the electrolysis of water. An electrical current is used to separate hydrogen from oxygen in water and it is extracted without generating any net carbon emissions. This also means that the energy created from hydrogen does not release toxic carbon dioxide, which makes it one of many potential energy sources that could help reduce carbon emissions and slow global warming. <div type="image" title="The process of producing Green Hydrogen" msid="91155052" hostid="261"></div> This green fuel can be utilised as a source of energy in transport, electricity production, and industry activity. It can power anything that uses electricity including electric vehicles and electronic devices. It can also be used as a <a href="https://telanganatoday.com/what-exactly-is-green-hydrogen-and-will-it-be-the-fuel-of-the-future">substitute </a>for natural gas for cooking and heating within homes. If the electricity needed for electrolysis is generated from renewable sources such as solar or wind, the production of green hydrogen does not emit any harmful gases unlike coal and oil. It only emits water vapour. Hydrogen is also the most <a href="https://www.precedenceresearch.com/green-hydrogen-market">abundant </a>element on the planet and offers tremendous promise for innovation. Hence, this is the most eco-friendly way of producing fuel. This is why different countries are rushing to include green hydrogen in their clean energy initiatives. Government bodies around the world have been investing time and money for research into this sustainable source of energy. And India has also taken some steps towards clean energy. According to market research and consulting organisation Precedence <a href="https://www.precedenceresearch.com/green-hydrogen-market">Research</a>, the global green hydrogen market was valued at $1.83 billion in 2021 and is expected to hit over US $89.18 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 54% from 2021 to 2030. The report goes on to say that the Asia-Pacific region is the <a href="https://www.globenewswire.com/news-release/2022/01/11/2364715/0/en/Green-Hydrogen-Market-Size-to-Surpass-US-89-18-Bn-by-2030.html">fastest </a>growing region in the green hydrogen market. <div type="image" title="Growth expectation for global hydrogen market" msid="91155036" hostid="261"></div> Not to forget, Prime Minister Narendra Modi had announced the <a href="https://www.business-standard.com/article/economy-policy/india-can-be-global-hub-of-green-hydrogen-says-pm-narendra-modi-122030401489_1.html">Green </a>Hydrogen Policy and this target of becoming net zero carbon emission by 2070, earlier this year, with the goal of making India a "green hydrogen hub," or a prominent producer and exporter of "green hydrogen." The government policy is aimed at boosting green hydrogen production in the country, which can also reduce India’s dependence on importing over 80% of the oil and gas requirements. The policy focuses on increasing dependency on cleaner forms of energy and abandoning fossil fuels. The policy says green hydrogen and green ammonia is one of the major requirements for reduction of emissions. The government believes hydrogen can play a huge role in shifting to clean energy. It allows companies to easily set up the capacity to generate electricity from renewable sources such as solar or wind anywhere in the country. The government is also planning to bring a production-linked incentive (PLI) scheme for manufacturing electrolysers for producing green hydrogen. Large companies like <keyword id="6355199" type="General" weightage="50" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> Limited (RIL), Adani Group, Larsen &amp; Toubro (L&amp;T) with multiple factories that release several forms of chemicals in some way or another will take advantage of the policy. In fact, they have laid out a roadmap already to enter the green hydrogen market. Huge conglomerates like RIL have their own emission target of achieving net zero carbon emissions by 2035. In June 2021, RIL had also said that it is planning to invest <a href="https://www.forbes.com/sites/yessarrosendar/2022/01/14/indian-billionaire-mukesh-ambanis-reliance-industries-to-invest-80-billion-in-renewable-energy-push/?sh=57ca8f7d7a2f">$10 billion</a> in <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword>. To help make Gujarat net-zero carbon, Reliance proposes to invest $67.4 billion in the state over 10 to 15 years to set up a 100 gigawatt renewable energy power plant and green hydrogen ecosystem development. <ul><li>Reliance Industries has announced to produce green hydrogen and also make an electrolyser factory to manufacture green energy.</li><li>Larsen &amp; Toubro announced plans to manufacture hydrogen electrolysers in India. Recently, it entered into a pact with the Indian Institute of Technology (IIT), Bombay to carry out a joint research and develop the green hydrogen technology.</li><li>Indian Oil Corp, one of the largest fossil fuel retailers, also announced its plans to build a green hydrogen plant at its Mathura refinery in Uttar Pradesh.</li><li>GAIL plans to build India's largest green hydrogen-making plant as it looks to supplement its natural gas business with carbon-free fuel.</li><li>NTPC also plans to produce green hydrogen.</li></ul>The policy allows 25 years of free inter-state power transmission for any new renewable energy plants that produce green hydrogen for projects commissioned before June 30, 2025. This means that a green hydrogen producer will be able to set up a solar power plant and supply in states and not pay any inter-state transmission charges. Currently, green hydrogen technology is still at the stage of emergence. The country has to overcome a few barriers such as price, storage, and logistics, to ensure a smooth transition towards the green hydrogen ecosystem. Here’s an explainer video about everything green hydrogen, challenges that the world currently faces to store GH2, positives from India's <keyword id="13040691" type="General" weightage="50" keywordseo="green-hydrogen-policy" source="Orion">Green Hydrogen policy</keyword> and five stocks that will benefit from it. <div type="image" title="Everything green hydrogen" msid="91155096" hostid="261"></div>

SIMPLY PUT: Everything you need to know about green hydrogen and India’s new policy around it

<ul><li>India currently imports <a href="https://www.businessinsider.in/finance/news/crude-oil-surges-significantly-to-109-per-barrel-as-countries-look-for-options-other-than-russia/articleshow/89936843.cms">85% of its oil demand </a>and the rise in <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> directly increases import bill and expenses.</li><li>This ever-increasing demand for fuel and dependency on imported <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> for domestic needs has made us wonder if there's an alternative solution to this problem.</li><li>Yes, there is. Hydrogen.</li></ul>One thing that the entire country is worried about today is rising fuel prices that are burning a hole in our pockets. <div type="image" title="Fuel prices are burning a hole in our pockets" msid="91252731" hostid="261"></div> The price of crude oil, which is used to make petrol and diesel, shot up after Russia – one of the major oil producing countries – went onto the battlefield with Ukraine. India currently imports <a href="https://www.businessinsider.in/finance/news/crude-oil-surges-significantly-to-109-per-barrel-as-countries-look-for-options-other-than-russia/articleshow/89936843.cms">85% of its oil demand </a>and the rise in crude oil prices directly increases import bill and expenses. And crude oil prices have increased more than 50% in the last one year <a href="https://www.businessinsider.in/finance/news/crude-oil-surges-significantly-to-109-per-barrel-as-countries-look-for-options-other-than-russia/articleshow/89936843.cms">to $100 from $60 a year </a>ago. This ever-increasing demand for fuel and dependency on imported crude oil for domestic needs has made us wonder if there's an alternative solution to this problem. Yes, there is! Hydrogen. <cmsannotation type="cmsannotation" annotationid="What is hydrogen and how can it be used as fuel?" text="What is hydrogen and how can it be used as fuel?">What is hydrogen and how can it be used as fuel?</cmsannotation> Hydrogen is a clean energy alternative and can be made directly from fossil fuels or biomass, or it can be produced by passing electricity through water. <keyword id="8411893" type="General" weightage="20" keywordseo="green-hydrogen" source="Orion">Green hydrogen</keyword> (GH2) can be generated by breaking water (H20) into hydrogen and oxygen through the electrolysis of water. An electrical current is used to separate hydrogen from oxygen in water and it is extracted without generating any net carbon emissions. This also means that the energy created from hydrogen does not release toxic carbon dioxide, which makes it one of many potential energy sources that could help reduce carbon emissions and slow global warming. <div type="image" title="The process of producing Green Hydrogen" msid="91252763" hostid="261" caption="&amp;lt;p&amp;gt;The process of producing Green Hydrogen&amp;lt;/p&amp;gt;"></div> This green fuel can be utilised as a source of energy in transport, electricity production, and industry activity. It can power anything that uses electricity including electric vehicles and electronic devices. It can also be used as a <a href="https://telanganatoday.com/what-exactly-is-green-hydrogen-and-will-it-be-the-fuel-of-the-future">substitute </a>for natural gas for cooking and heating within homes. If the electricity needed for electrolysis is generated from renewable sources such as solar or wind, the production of green hydrogen does not emit any harmful gases unlike coal and oil. It only emits water vapour. Hydrogen is also the most <a href="https://www.precedenceresearch.com/green-hydrogen-market">abundant </a>element on the planet and offers tremendous promise for innovation. Hence, this is the most eco-friendly way of producing fuel. This is why different countries are rushing to include green hydrogen in their clean energy initiatives. Government bodies around the world have been investing time and money for research into this sustainable source of energy. And India has also taken some steps towards clean energy. According to market research and consulting organisation Precedence <a href="https://www.precedenceresearch.com/green-hydrogen-market">Research</a>, the global green hydrogen market was valued at $1.83 billion in 2021 and is expected to hit over US $89.18 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 54% from 2021 to 2030. The report goes on to say that the Asia-Pacific region is the <a href="https://www.globenewswire.com/news-release/2022/01/11/2364715/0/en/Green-Hydrogen-Market-Size-to-Surpass-US-89-18-Bn-by-2030.html">fastest </a>growing region in the green hydrogen market. <div type="image" title="Growth expectation for global green hydrogen market" msid="91252778" hostid="261" caption="&amp;lt;p&amp;gt;Growth expectation for global Green Hydrogen market&amp;lt;/p&amp;gt;"></div> Not to forget, Prime Minister Narendra Modi had announced the <a href="https://www.business-standard.com/article/economy-policy/india-can-be-global-hub-of-green-hydrogen-says-pm-narendra-modi-122030401489_1.html">Green </a>Hydrogen Policy and this target of becoming net zero carbon emission by 2070, earlier this year, with the goal of making India a "green hydrogen hub," or a prominent producer and exporter of "green hydrogen." The government policy is aimed at boosting green hydrogen production in the country, which can also reduce India’s dependence on importing over 80% of the oil and gas requirements. The policy focuses on increasing dependency on cleaner forms of energy and abandoning fossil fuels. The policy says green hydrogen and green ammonia is one of the major requirements for reduction of emissions. The government believes hydrogen can play a huge role in shifting to clean energy. It allows companies to easily set up the capacity to generate electricity from renewable sources such as solar or wind anywhere in the country. The government is also planning to bring a production-linked incentive (PLI) scheme for manufacturing electrolysers for producing green hydrogen. Large companies like Reliance Industries Limited (RIL), Adani Group, Larsen &amp; Toubro (L&amp;T) with multiple factories that release several forms of chemicals in some way or another will take advantage of the policy. In fact, they have laid out a roadmap already to enter the green hydrogen market. Huge conglomerates like RIL have their own emission target of achieving net zero carbon emissions by 2035. In June 2021, RIL had also said that it is planning to invest <a href="https://www.forbes.com/sites/yessarrosendar/2022/01/14/indian-billionaire-mukesh-ambanis-reliance-industries-to-invest-80-billion-in-renewable-energy-push/?sh=57ca8f7d7a2f">$10 billion</a> in renewable energy. To help make Gujarat net-zero carbon, Reliance proposes to invest $67.4 billion in the state over 10 to 15 years to set up a 100 gigawatt renewable energy power plant and green hydrogen ecosystem development. <ul><li>Reliance Industries has announced to produce green hydrogen and also make an electrolyser factory to manufacture green energy.</li><li>Larsen &amp; Toubro announced plans to manufacture hydrogen electrolysers in India. Recently, it entered into a pact with the Indian Institute of Technology (IIT), Bombay to carry out a joint research and develop the green hydrogen technology.</li><li>Indian Oil Corp, one of the largest fossil fuel retailers, also announced its plans to build a green hydrogen plant at its Mathura refinery in Uttar Pradesh.</li><li>GAIL plans to build India's largest green hydrogen-making plant as it looks to supplement its natural gas business with carbon-free fuel.</li><li>NTPC also plans to produce green hydrogen.</li></ul>The policy allows 25 years of free inter-state power transmission for any new renewable energy plants that produce green hydrogen for projects commissioned before June 30, 2025. This means that a green hydrogen producer will be able to set up a solar power plant and supply in states and not pay any inter-state transmission charges. Currently, green hydrogen technology is still at the stage of emergence. The country has to overcome a few barriers such as price, storage, and logistics, to ensure a smooth transition towards the green hydrogen ecosystem. Here’s an explainer video about everything green hydrogen, challenges that the world currently faces to store GH2, positives from India's Green Hydrogen policy and five stocks that will benefit from it. <div type="Youtube" id="XdyDOVojq_Y" title="5 Stocks to benefit from the Green Hydrogen Policy ft @Anshuman Sharma | What the Stonks" thumbUrl="https://i.ytimg.com/vi/XdyDOVojq_Y/mqdefault.jpg"></div>

EXPLAINED: Green hydrogen and India’s new policy around it

<ul><li>Police have leveled money-laundering allegations on over 1100 people, who were arrested yesterday.</li><li><keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword> isn’t the only country that has pushed back against crypto in recent times.</li><li>Other than environmental reasons, money-laundering is one of the primary concerns against <keyword id="11421520" type="UNKNOWN" weightage="20" keywordseo="crypto-operations">crypto operations</keyword>.</li></ul>China’s crackdown on crypto-related operations seems to be intensifying. The country’s Ministry of Public Security announced yesterday that over 1100 people have been arrested over suspicions of <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="Money-laundering">money laundering</keyword> using <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a>. According to China's public security ministry, the police had caught over 170 criminal groups that were laundering money via cryptocurrencies. The launderers <a href="https://www.reuters.com/article/china-cryptocurrency-crime/china-arrests-over-1100-suspects-in-crackdown-on-crypto-related-money-laundering-idUSL3N2NS0CZ">reportedly</a> charged 1.5% to 5% commission for converting illegal cash into cryptocurrencies by using exchanges, said reports. The timing of the arrests is critical, as they came less than three weeks after the country’s central bank announced a crackdown on <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> mining, exchanges, and more. Three industry bodies in China had also banned crypto-related services. In addition, the government in China’s Inner Mongolia region, which is a hub for crypto mining, had created a public helpline for citizens to report <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto mining</a> operations in the area too. The arrests could convince some users who thought China’s crackdown on the industry won’t last. Last month’s crackdowns had led many to recall a similar ban that China had announced back in 2017. Since the country became one of the largest crypto mining countries despite such efforts, many said that this year’s moves may not amount to much either. However, China’s 2021 crackdown isn’t a lone effort. It adds to what could be called a global pushback against the crypto industry that started over the past six months or so. The industry had seen a period of boom over the past year, especially after unprecedented lockdowns worldwide made the stock markets unstable. India and crypto: The regulatory hurdles Just like the Chinese government, India too is considering regulations around cryptocurrency. The country is expected to come up with a distinction between private and central bank digital currencies, and <a href="https://www.livemint.com/market/cryptocurrency/crypto-industry-urges-government-to-reconsider-ban-11612155255480.html">may ban</a> any digital currency that qualifies under its definition of private currencies. A bill for the same was expected in the Budget session of the Parliament that was held in March. In the bill, India is expected to “create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India (RBI)". It would seek to “prohibit all private cryptocurrencies” in India and would lay the framework for the central bank digital currency (CBDC) to be issued by the RBI. Concerns around the crypto boom But countries aside, public personalities like Elon Musk have expressed concern about the amount of power consumed by crypto mining. A <a href="https://www.cnbc.com/2021/05/26/major-china-bitcoin-mining-hub-lays-out-harsher-crackdown-measures.html">project</a> by the University of Cambridge, called the Cambridge Bitcoin Electricity Consumption Index, found that Bitcoin mining consumes 112.57 terawatt-hours of energy every year, which is more than the total electricity consumption of some countries. Tesla, which had laid out plans to accept Bitcoin payments for its vehicles, went back on the promise last month, citing environmental concerns. The company has invested $1.5 billion in Bitcoin too, which it plans to hold on to, till more environmentally sound means are created. Even countries that have come forward as pro-crypto have these concerns. El Salvador, which became the first country to make Bitcoin legal tender, yesterday, is looking for environmentally sound means too. <div type="twitter" handle="nayibbukele" handlename="Nayib Bukele 🇸🇻" image="http://pbs.twimg.com/profile_images/1402444336588066816/XsUZgt-v_normal.jpg" favoritecount="67358" retweetcount="17052" status="I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to o… https://t.co/Di92ET6zCt" createdat="1623260159000" id="1402680890057166858"></div> “I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos,” Nayib Bukele, President of El Salvador, <a href="https://twitter.com/nayibbukele/status/1402680890057166858?s=20">tweeted</a> yesterday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/gadgets/news/realme-is-expected-to-launch-the-realme-book-and-realme-pad-on-june-15/articleshow/83398969.cms">Realme Book leaked ahead of launch, expected to debut with Realme Pad on June 15</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-reportedly-planning-to-launch-new-ipos-adani-airports-and-adani-wilmar/articleshow/83393049.cms">Adani Group reportedly planning to launch IPOs of its airport and food businesses</a>

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EXPLAINED: Green hydrogen and India’s new policy around it

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China’s crypto crackdown grows, with 1100 people behind bars for money laundering

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