THIS GENERATION of humans has a great responsibility to save Earth for the future with a fuel that halts global warming by replacing carbon emitting coal and oil.

The answer has been identified as ‘hydrogen’ that is available aplenty in the atmosphere. And unlike coal and oil that emit carbon dioxide, hydrogen emits only water (H2O), when combined with oxygen.

But replacing fossil fuels is easier said than done. The challenge lies in transitioning from ‘grey hydrogen’ produced by energy drawn from fossil fuels such as coal and oil, towards ‘green hydrogen’ made out of energy from renewable sources such as solar, wind or hydro.

Most importantly, producing it economically enough for mass use ($1 per kg against $3-6); and transporting it safely. As technological hurdles are overcome, the world is close to this miracle. India — the world’s third-largest energy consumer — has rightly staked a claim to be one of the world’s largest producers of green hydrogen — one-fifth of targeted global production by 2030. Its fast-growing economy’s energy needs can no longer depend on imports of forex-draining fossil fuels. Especially, since hydrogen production is not geologically constrained like fossil fuels are.

In our cover story this issue, P.B. Jayakumar captures how large Indian private sector companies, public sector firms and next-generation companies are creating an ecosystem to produce green hydrogen within the country — economically.

Next, 53 years since the ‘White Revolution’, a dramatic turn of events threatens to erode the gains of what made this country the world’s biggest milk producer. From surplus and abundance of milk, India is currently a milk-deficient nation, forcing imports into the country. Can a large milk-consuming nation depend on imports for its needs? Ajita Shashidhar examines what’s behind the crisis that has created a shortage of milk and milk products in the market.

May 26 marks the 9th anniversary of Narendra Modi taking charge as the 14th Prime Minister of India. The Indian economy has more than doubled in size under his reign. Ashutosh Kumar reflects on the big moves by the Modi regime that contributed to India’s economic resurgence, including biting the bullet on fixing the banking system by identifying non-performing assets, the great infrastructure push, the mega reforms, focus on digital economy — and the big misses.

Our Special Issue this month examines India’s flourishing luxury market through two lenses — the business of luxury and the experience of luxury. In the midst of global slowdown and looming recession, India remains a ray of hope for the world economy. The domestic luxury market has had a remarkable year with the emergence of indigenous luxury brands celebrating ‘Indianness’, unprecedented demand for Indian art and record luxury automobile sales. A few more of the world’s most celebrated luxury brands have made way into the market this year and homegrown luxury designer brands are making waves globally. This 2023 edition of Fortune India luxury special package includes one-on-ones with celebrated designers Sabyasachi Mukherjee, Gaurav Gupta and Rahul Mishra; life and times of the royalty, including a coronation at one of the world’s oldest dynasties; the spring in the business of luxury hospitality; corporate India’s new moves in the luxury market; auto and realty launches and last but not the least — the Objects Of Desire, among others.

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