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NCAER Workshop on Climate Finance and Clean Energy Transition

NCAER hosted a workshop on “Climate Finance and Clean Energy Transition” at its campus. The aim of the workshop was to bring together policymakers, researchers, industry representatives, and other stakeholders to deliberate on key issues shaping India’s renewable energy transition. The discussions focused on the role of public expenditure in renewable energy development, the impact of fiscal decentralisation on state-level investments on renewable energy, and outcomes from primary surveys capturing firm-level constraints, regulatory challenges, and supply chain bottlenecks.

It was pointed out that as India advances toward its ambitious targets of achieving 500 GW of non-fossil fuel capacity by 2030 and net-zero emissions by 2070, the transition to clean energy not only presents technological challenges but also raises critical questions related to finance, governance, and institutional coordination. While significant progress has been made in this direction, gaps remain in public financing, state-level capacity, and private sector engagement. It is important to understand that this transition is not merely a technological shift, but is fundamentally a question of financial and pragmatic systemic coordination among institutions and the public and private sectors.

Renewable energy has also received a massive push in Central planning and implementation, and the 16th Finance Commission has allocated Rs 50,000 crore for clean energy transition for five years through local bodies, especially because this remains a highly capital-intensive sector, requiring large upfront investments and long-term financing mechanisms. In this context, fiscal decentralisation plays a crucial role, as it enhances the autonomy of subnational governments, improves resource allocation efficiency, and enables locally tailored investments in green infrastructure and renewable energy projects. Since states are vital implementers of energy policies, achieving national climate targets requires them to scale up investments in renewable energy and related infrastructure.

However, structural challenges impacting the financial and sectoral implementation of green energy transition persist. There is a clear mismatch between the targets and the financial preparedness of the nation, with limited and uneven public expenditure on renewable energy across Indian states. It has been observed that the states tend to allocate only a marginal share of their budgets to renewable energy with a considerably higher portion going to revenue expenditure (salaries and maintenance) than capital expenditure (investment), which limits the creation of durable infrastructure and long-term asset creation. There are also significant variations in fiscal capacity, policy priorities, and institutional readiness across states, resulting in fragmented progress of India’s clean energy transition. It has been estimated that in order to meet the target of 500 GW of renewable energy capacity, the states need Rs 14,064 crore each year, that is, around Rs 72,000 crore over five years.

Further, the challenges in renewable energy development are not limited to government-led investment in the sector alone. Many barriers are context-specific, with issues such as regulatory bottlenecks, financing difficulties, land acquisition hurdles, and local acceptance varying across regions and stakeholders, necessitating field-level insights in addition to analysis of secondary data on the subject. By combining primary survey results with analytical tools, policymakers can design more targeted and effective interventions to accelerate renewable energy deployment across the country.

The technical session of the workshop, which was moderated and chaired by Professor Basanta Kumar Pradhan, Director, Indira Gandhi Institute of Development Research (IGIDR), featured the following three presentations based on research findings on the issues of climate finance, fiscal federalism, and renewable energy impacting green growth in India:

  • Presentation 1: Public Financing for Renewable Energy Sector Development by Chetana Chaudhuri, Fellow, NCAER
  • Presentation 2: Fiscal Decentralization and Renewable Energy Development in Indian States by Hrushikesh Mallick, Professor, Banaras Hindu University (BHU)
  • Presentation 3: Binding Constraints in India’s Renewable Energy Transition by Chetana Chaudhuri, Fellow, NCAER

The workshop concluded with a panel discussion with the objective of fostering dialogue and policy recommendations on clean energy adoption. The panellists included:

  • Professor Sunil Ashra, Professor of Economics and Co-Chairperson of the Centre for Ethics, ESG and Responsible Organizations, Management Development Institute (MDI)
  • Professor V.P. Ojha, Director, Policy Modelling Association for Inclusive Development (PMAID)
  • Dr Saon Ray, Senior Visiting Professor, Indian Council for Research on International Economic Relations (ICRIER)
  • Dr Ritu Mathur, Senior Fellow and Director, Energy Assessment and Modelling, The Energy and Resources Institute (TERI)
  • Dr Gopal Krishna Sarangi, Associate Professor, TERI University.

By coalescing empirical evidence and policy dialogue, the workshop sought to provide a platform for diverse perspectives and actionable insights, thereby contributing towards creation of more effective climate finance frameworks.

Joint Seminar and Discussion on ‘India’s Inflation Targeting Framework’ and ‘Regional Economic Outlook for Asia and Pacific’

NCAER hosted a joint seminar and discussion on: (i) ‘India’s Inflation Targeting Framework’ and (ii) ‘Regional Economic Outlook for Asia and Pacific’, at its campus.

The session featured two complementary themes: an overview and assessment of India’s inflation targeting regime by Dr Poonam Gupta, Deputy Governor of the Reserve Bank of India (RBI), and a broader discussion of the recently released IMF biannual publication, the ‘Regional Economic Outlook for Asia and Pacific’ by Dr Krishna Srinivasan, Director of IMF’s Asia Pacific Department.

Mr A.K. Bhattacharya, Editorial Director, Business Standard, chaired and moderated the session. Dr Ram Singh, Director, Delhi School of Economics, served as a discussant, along with the two speakers. And Mr Suresh Goyal, Director General, NCAER, delivered the welcome remarks and introduced the speakers.

In the context of assessment of India’s inflation targeting regime, Dr Poonam Gupta stated that India’s ‘Inflation Targeting Framework’ has broadly succeeded by ensuring lower inflation, greater stability, and improved credibility without hurting growth. It has also ushered in a transparent monetary policy with better anchored expectations.

Justifying the inflation tolerance band of 2-6 per cent, she said that there is a strong consensus to maintain the status quo at least till the next review cycle, which is 2031. The current 4 per cent target is considered suitable for India’s economic development and for stabilising growth over the business cycle while the 2 per cent tolerance band on either side provides flexibility for absorbing large external shocks such as the pandemic and geopolitical crises. Dr Gupta also asserted that India is aligned with global best practices, as it is neither an outlier nor lagging in inflation targeting design. Future reforms would thus be dependent on data, and if macro stability continues.

The discussion on Dr Gupta’s presentation emphasised that communication is as important as policy design, as clear messaging strengthens the effectiveness of inflation targeting. Headline inflation should remain the anchor, as it is more relevant and impactful than core inflation. Further, the decisions by the Reserve Bank of India (RBI) on the Inflation Targeting Framework point to a broader policy judgement and expertise, with public consultation and stakeholder outreach increasingly becoming part of a growing trend toward participatory and more evidence-based policymaking.

Dr Krishna Srinivasan noted that the energy markets had been severely disrupted by the West Asia conflict whose scale and duration would shape the global outlook, going forward. He said that the new fuel shock would have a significant policy-related impact, as a prolonged conflict could intensify inflationary pressures due to supply-side disruptions and adversely affect growth through deepening cost of living challenges. “It is critical to keep inflation expectations well anchored. Proactively responding to the new energy shock requires policy coordination”, he said.

He suggested that given the current circumstances, India should continue its prudent macro policies, including excise cuts in oil and fertiliser subsidies. He also maintained that the pre-war baseline for Asia was for strong growth and had largely contained inflation. Asia’s growth was supported by the global tech cycle and export diversification; recovery in consumption amid weak investment; and accommodative financial conditions despite some recent tightening driven by corrections in the equity markets.

Discussing both the presentations, Dr Ram Singh said that though India has so far controlled inflation and been insulated from global shocks, the risks of fiscal strain remain if the shocks persist or intensify in the long term. He concluded by arguing that the future outlook depends heavily on global developments and duration of the geopolitical conflict in West Asia. However, the following two factors are grounds for optimism:

  • Rising global fuel prices may create pressure for faster conflict resolution; and
  • Historically, oil shocks have shown a tendency to stabilise relatively quickly after peaking.

All the speakers emphasised the need for Asian economies to implement structural reforms for building resilience and to strengthen policy buffers for dealing with future shocks. Other emerging economies could learn from India’s approach accentuating sustainable development, financial sector stability, and macroeconomic discipline to shape future economic growth.   

South Asia Economic Update (April 2026)

NCAER, in collaboration with the World Bank, hosted a discussion on the World Bank’s latest South Asia Economic Update and its implications for India. The event was attended by policy makers, researchers, academics, and representatives of the media.

The discussion featured a panel of experts, including Mr Suman Bery, Vice Chairman of NITI Aayog; Dr Franziska Ohnsorge, World Bank Chief Economist for South Asia; and Mr Aurelien Kruse, World Bank Lead Economist for India. Dr Sudipto Mundle, Chairman of the Board of Centre for Development Studies and Dr Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development, served as discussants. Dr Anil K Sharma, Secretary and Operations Director, NCAER, delivered the welcome remarks.

The April 2026 edition of the World Bank report presents the latest economic outlook for the region, along with an in-depth analysis of the role of industrial policy in development. The report examines key features of South Asia’s industrial policies, their impact on trade, and how the region can maximise gains from such policies. The report also explores recent trade reforms and the reshaping of global value chains driven by AI.

The presentations on the report indicated that South Asia remains the world’s fastest-growing region, with India acting as the principal engine of growth, even as it faces slower expansion due to energy market dislocations. Amid headwinds from global energy market dislocations on the back of the Iran war, South Asia’s growth remains on the upside, according to the World Bank’s latest projections for the region.

The World Bank report identifies key challenges, including heightened geopolitical risks affecting energy prices, persistent inflationary pressures, weaker external demand, and constrained fiscal space. At the same time, the region continues to rely heavily on domestic demand.

Over the medium term, trade reforms across South Asian countries could unlock additional growth by reducing barriers, particularly in emerging export sectors. However, accelerating job creation is becoming increasingly difficult, as employment prospects weaken in activities exposed to AI.

In his opening remarks, Shri Suman Bery said, “The steady rise in India’s economic status as a large economy, at market prices, is due to the fact that the country has not faced any significant financial crises along the way. In this context, the World Bank’s report on South Asia is an important empirical document for the region.” Mr Bery also advised India’s States and Union Territories to consolidate the gains of the nation’s economic growth rather than fragment its labour markets, and to ensure that the gains from trade would help augment productivity and efficiency.

Dr Franziska Ohnsorge said, “The South Asian region is the fastest growing in the world, primarily because of the rapid growth in India. The medium-term economic outlook in the South Asian region is also very encouraging, notwithstanding the overall slowdown because of the energy crisis caused by the impact of the ongoing war in the Middle East. In the longer term too, India is slated to grow rapidly due to the advent of trade reforms and their distributional impact.” She pointed out that “one of the biggest challenges for South Asia is the need to create more and better jobs, especially because over the next 10-15 years, about 280 million young people in this region will enter the workforce.”

Dr Ohnsorge also predicted India’s growth forecast to be 6.6 per cent of GDP. However, the ongoing conflict in the Middle East would make normalisation harder for energy markets, and also affect the resilience of remittances from the Gulf Cooperation Council (GCC) countries, including Saudi Arabia, United Arab Emirates (UAE), Qatar, Kuwait, Oman, and Bahrain, which could impact overall long-term growth in the South Asian region, she suggested.

Mr Aurelien Kruse flagged private consumption as the main driver of growth of the Indian economy. He noted that India’s economy has remained strong despite the uncertainty emanating from recent trade policies of the USA. He also said that both exports and investment growth in India have remained resilient to market shocks. Further, he argued that low inflation and prudent fiscal and monetary policies are the buffers needed for combating trade shocks in the long run; effective agglomeration can help in improving trade and growth; and that high-end jobs necessitate special skilling initiatives for the workforce.

In his remarks, Dr Sudipto Mundle said, “A conspicuous development witnessed in the Indian economy has been its growth paradox—this is reflected in the fact that even though India has consistently been one of the fastest growing major economies of the world, growing at a rate of about 6 per cent, but simultaneously unemployment in the country has also been high. This growth paradox creates a conundrum for policymakers—should policy focus on GDP growth or on employment growth?”

Dr Nagesh Kumar maintained that the region “is exhibiting very robust growth, despite the challenges springing from the Middle East conflict. However, this growth should be supported by a dynamic industrial policy that keeps an eye on the global context and manufacturing trends.” He also highlighted the importance of promoting services for economic growth, especially since the services sector constitutes about 60 per cent of the GDP. In addition, he emphasised the role of forward and backward linkages in creating more indirect job opportunities.

The event concluded with Dr Anil Sharma thanking the chair, the two speakers, the two discussants, and all the participants for joining the discussion.

National Workshop on Assessing Indirect and Intangible Benefits of Irrigation Projects

NCAER organised a National Workshop on March 17, 2026, at its campus in New Delhi, to deliberate on the assessment of indirect and intangible benefits of irrigation projects across local, command, and adjoining areas. The workshop brought together representatives from key government institutions, including functionaries of 20 State Governments, along with policymakers, technical experts, and researchers to discuss emerging approaches for capturing the broader socio-economic impacts of irrigation infrastructure.

The discussions at the workshop highlighted the need to move beyond conventional benefit–cost analysis and incorporate wider developmental outcomes such as improved market access, livelihood diversification, and enhanced household welfare. The analytical framework presented combines composite indices with econometric modelling to capture multidimensional impacts, underscoring the role of irrigation in strengthening rural economic linkages and improving quality of life.

The key deliberations focused on methodological aspects, including the treatment of market linkages, tourism-related impacts, time savings in water collection, and groundwater recharge. The participants noted that irrigation facilitates crop diversification, aids in price realisation, and reduces transaction costs, thereby strengthening the market integration of farmers. The inclusion of time savings as a welfare indicator was also widely recognized.

The workshop concluded with a consensus on further refining the analytical framework to enhance robustness and policy relevance in the sphere of irrigation. It is also expected to contribute to the development of a more comprehensive and evidence-based approach for incorporating indirect and intangible benefits into irrigation planning and evaluation.

In Conversation with Ms Simran Sharma, Champion Para-Athlete

NCAER organised a talk with Simran Sharma, a shining star in Indian para-sports, as part of its Women’s Day celebrations, at its campus on 16 March 2026.

Born with visual impairment, Simran has exhibited determination and resilience, rising to become one of India’s most decorated para-athletes. She has won multiple awards in international competitions, including two silver medals at the 2022 Hangzhou Asian Para Games, a bronze medal in the Women’s 200m T12 event at the 2024 Paris Paralympics, and gold medals in the 2024 and 2025 World Championships, along with various national titles in sprint events.

Inaugurating the event, Mr Suresh Goyal, the Director General of NCAER, said that this conversation was an effort to underscore the contribution of an incredibly courageous and talented Indian woman, whose success story would inspire countless women in the country. He pointed out that this occasion also symbolised NCAER’s tradition of consistently commemorating female achievements and gender equality, also reflected in the fact that more than 50 per cent of its workforce comprises women.

Moderating the conversation, Ms Divya Singh, Head of Finance and Administration at NCAER, said that the event is a grand opportunity for NCAER to continue its Women’s Day celebrations, and that while this celebration happens every day in diverse ways at the institution, it was just being expressed differently this time.

During the conversation, Simran emphasised how running became a lifelong inspiration for her, bringing her triumphs and recognition in return for her diligence and dedication to the sport. She highlighted the financial and social challenges she faced since childhood, especially since her father, suffering from bone cancer, was bedridden, and her mother was eking out a living for the family by doing odd jobs. These roadblocks made Simran nearly give up her dream of becoming an athlete, which would entail monumental physical and financial investment in a sporting career.

However, her dream has gradually fructified, riding on the constant encouragement from her coach Naik Gajendra Singh, whom she married in 2017. Gajendra has offered Simran persistent and unceasing support to emerge strong from every adversity, ensuring her success in the face of all odds. Simran revealed that he has even stood up on her behalf against social prejudice and patriarchal customs, such as the practice of ‘ghunghat’ (veil) imposed on married women of his family—customs that would hinder her march forward as an athlete.

In his dual role as husband and coach, Gajendra Singh, an Indian Army personnel, has blended personal care with professional expertise, guiding Simran through a brutally tough physical and mental training regimen to script her remarkable para-athletics career.  However, even more than the training imparted by him, Simran’s success has been defined by his constant emotional handholding and unshaken belief in her potential.

Speaking on the occasion, Gajendra said, “My role has been primarily to hone Simran’s talent while shielding her from negativity and motivating her to focus on her goals.” He also asserted the importance of working together as a team in achieving these goals, and argued that it is this kind of teamwork that also enables institutions like NCAER to attain their long-term objectives and achieve success in diverse fields for a developing nation like India. He flagged his ambition to set up academies for training children in various sports across the country, contending that India needs to identify and strengthen talent among its young population at a very early age, and provide them both the requisite opportunities and facilities so as to be able to shine on the international stage.

Simran and Gajendra are often described as a power couple in the world of sports, working cohesively to bring laurels to India at the highest level. As Simran said, “Wearing a jersey with ‘India’ inscribed at the back is a source of phenomenal pride. My ultimate goal is to win an Olympic gold medal for the country, soaking in the glory and honour that would come from hearing the Indian national anthem play as I stand on the podium of winners.” 

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