New Delhi, Sep 28 (NationPress) India is positioning itself as a front-runner in the hydrogen sector, particularly in green hydrogen, as indicated by a recent report.

The analysis from S&P Global reveals that India's ability to emerge as a cost-effective hydrogen supplier hinges on maintaining its early momentum against formidable rivals and securing offtake agreements.

The report emphasizes India's robust asset base, which equips it to spearhead the global shift towards green hydrogen.

It also noted India's remarkable strides in enhancing its hydrogen capabilities and its pivotal role in the international hydrogen landscape. Analysts underscored the importance of the National Green Hydrogen Mission in the journey towards cleaner energy and energy self-sufficiency.

On January 4, 2023, the Union Cabinet greenlit this mission with an impressive budget of Rs 19,744 crore. The initiative aims to transform India into a global hub for the production, utilization, and export of green hydrogen and its derivatives, targeting an annual output of 5 million metric tonnes by 2030 and aiming to capture 10% of the global trade market.

According to the report, Indian developers are keen on gaining a cost advantage, which, combined with its geographical benefits, will facilitate exports to regions such as the EU, Japan, and South Korea.

On September 26, Union Road Transport and Highways Minister Nitin Gadkari launched India's inaugural hydrogen highways, further propelling the nation's green hydrogen initiatives.

This project includes establishing hydrogen fuelling stations along key national highway corridors to support long-haul hydrogen-powered freight.

The government has also recently introduced a Rs 100 crore initiative to encourage start-ups focusing on hydrogen innovation.

This scheme allocates up to Rs 5 crore per project for pilot initiatives in hydrogen production, storage, transportation, and utilization technologies.