India's green economy is poised for substantial growth, potentially attracting $4.1 trillion in cumulative investments and generating 48 million full-time equivalent (FTE) jobs by 2047. This is according to a recent independent study by the Council on Energy, Environment and Water (CEEW). The analysis also projects that India could unlock a $1.1 trillion annual green market by 2047.
The CEEW study identifies 36 green value chains across energy transition, the circular economy, bio-economy, and nature-based solutions. These value chains represent a significant economic opportunity for India as it progresses towards becoming a 'Viksit Bharat'. The green economy extends beyond solar power and electric vehicles, encompassing bio-based materials, agroforestry, green construction, sustainable tourism, circular manufacturing, waste-to-value industries, and nature-based livelihoods. Each of these could develop into billion-dollar sectors within the next two decades, strengthening resource security and resilience.
The energy transition alone could generate 16.6 million FTE jobs and attract $3.79 trillion in investments across renewables, storage, distributed energy, and clean mobility manufacturing. Electric mobility is expected to be the single-largest employer within the green economy, driving over 57% of all energy-transition jobs. Producing 42 million electric vehicles annually by 2047 could create nearly 9.65 million FTE jobs, including almost four million transitioning from conventional internal combustion engine vehicle manufacturing.
Bio-economy and nature-based solutions, particularly in rural and peri-urban landscapes, could create 23 million jobs and $415 billion in market value. Top job-generating value chains within this segment include chemical-free agriculture and bio-inputs (7.2 million jobs), agroforestry and forest management (4.7 million), and wetland restoration (3.7 million).
Achieving 1,260 GW of solar deployment by 2047 will require an additional 120 GW of module manufacturing capacity. This expansion could create roughly 182,000 FTE jobs and generate $9.79 billion in market opportunities, alongside $3.46 billion in investment potential. Rooftop solar is expected to account for nearly 500,000 jobs, while floating solar projects could create an additional 34,400 roles, indicating the diverse employment avenues within solar energy.
The CEEW also launched the Green Economy Council (GEC), chaired by Amitabh Kant, former G20 sherpa and Niti Aayog CEO, to aid India in recognizing and realizing emerging green economic opportunities. Other GEC members include Prof Ashok Jhunjhunwala of IIT Madras; Srivardhini K Jha of NSRCEL, IIM Bangalore; and Arunabha Ghosh, CEO of CEEW.
Abhishek Jain, director of green economy & impact innovations at CEEW, stated that pursuing a green economy will not only create jobs and economic prosperity for India but will also help secure fuels and resources for the future, making the country 'Atmanirbhar' (self-reliant). Jayant Sinha, president of Everstone Group and Eversource Capital and former Union minister of state, emphasized that India's green transition is fundamentally net positive, accelerating growth, improving public health, and strengthening national security by shifting to domestic energy sources. He also noted that policy stability addressing bottlenecks like land and usage of blended finance tools is needed to de-risk investment, and with a whole-of-government approach, India can mobilize the capital required to drive a green frontier development model.
