India, Norway eye deeper collaboration in green energy, maritime, fintech under TEPA: EY

India and Norway are poised to deepen cooperation across green energy, maritime industries, digital infrastructure and financial technology under the India-EFTA Trade and Economic Partnership Agreement (TEPA), which carries a commitment of USD 100 billion in investments and creation of one million direct jobs in India over 15 years, according to a latest EY report.

India and Norway are poised to deepen cooperation across green energy, maritime industries, digital infrastructure and financial technology under the India-EFTA Trade and Economic Partnership Agreement (TEPA), which carries a commitment of USD 100 billion in investments and creation of one million direct jobs in India over 15 years, according to a latest EY report. The report, titled "India-Norway Partnership: Exploring Opportunities, Emerging Priorities, and Policy Directions", said the agreement marks a shift from "transactional trade to long-term economic integration" by aligning Norway's capital and advanced technologies with India's scale-driven growth and manufacturing ambitions.

Released on the sidelines of the India-Nordic Summit in Oslo, the report highlighted that collaboration opportunities between the two countries span offshore wind, hydrogen, autonomous shipping, aquaculture, green data centres and digital infrastructure. "The India-EFTA Trade and Economic Partnership Agreement (TEPA), signed in March 2024 and effective from October 2025, provides a comprehensive framework to deepen this collaboration," the EY report said. It added that the agreement "commits US$100 billion in investments and the creation of one million direct jobs in India over a 15-year period."

According to the report, India's strong macroeconomic fundamentals make it an attractive long-term investment destination. It noted that India, currently the world's sixth-largest economy with a GDP of nearly USD 3.9 trillion, is projected to become the third-largest economy by 2030 while sustaining annual growth of around 6.5 per cent. "India has emerged as one of the most compelling long-term growth stories globally, underpinned by scale, stability and structural transformation," the report stated.

The report said Norway complements India's growth story through its strengths in energy, maritime industries, sustainability-focused technologies and outward investments. "Norway represents a natural and complementary ally," the report said, adding that the Nordic nation is "capital-rich, technologically advanced and globally competitive."

Among the key sectors identified for collaboration, the report highlighted renewable energy, particularly offshore wind, hydrogen and low-carbon industrial ecosystems. "In the green energy transition sector, collaboration is expected to be driven by Norway's expertise in low-carbon oil and gas technologies, offshore wind and carbon capture, aligned with India's focus on energy security and cleaner energy systems," the report said.

The maritime and shipping sector was identified as another major opportunity area, with scope for combining Norway's expertise in autonomous vessels and green shipping with India's shipbuilding and port infrastructure capabilities. The report also underscored opportunities in seafood and aquaculture, where Norway's advanced aquaculture technologies and cold-chain expertise can be integrated with India's large fisheries base, particularly in Andhra Pradesh, West Bengal and Tamil Nadu.

In the digital economy, the report pointed to opportunities in AI-led technologies, sustainable data centres and digital infrastructure. "As demand for AI and data-driven systems grows, this can drive the need for energy-efficient and sustainable data centres, where Norway's expertise in green and renewable-powered digital infrastructure can play a key role," the report said.

The report further stated that India's digital transformation, manufacturing push and infrastructure expansion are creating a strong foundation for deeper foreign investment partnerships. It noted that India added a record 44.5 GW of renewable energy capacity in 2025 and that renewable sources now account for over 50 per cent of installed power generation capacity.

In the financial sector, EY said India's expanding fintech ecosystem and liberalised FDI framework offer opportunities for Norwegian firms in digital lending, microfinance and MSME financing. Bipin Sapra, Partner and Indirect Tax Policy Leader, EY India, said India's focus is now on attracting strategic foreign investment from technologically advanced economies like Norway.

"For India, the focus now is on strengthening investor connect, particularly by attracting FDI from countries such as Norway, which bring advanced technological capabilities and global expertise aligned with India's growth priorities," Sapra said. He added that Norwegian companies should adopt a "three-pronged approach" involving market assessment, clear business strategy and partnerships with government and private stakeholders to build a long-term presence in India.

Ashwin Vishwanathan, Tax Partner, EY India, said the TEPA framework would play a critical role in unlocking deeper economic engagement between the two countries. "Looking ahead, the India-Norway partnership is set to be shaped by the enabling framework created under the India-EFTA agreement, which strengthens market access, streamlines regulatory processes and facilitates smoother cross-border trade," Vishwanathan said.

The report concluded that strong sectoral complementarities, supportive policy frameworks and a clear investment roadmap under TEPA position the India-Norway partnership for sustained cross-border investment, innovation and long-term economic growth. (ANI)