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This analysis addresses a topic that is seldom the focus of discussion in policy circles or the popular press: India’s Green Industrial Policy. In reality, it is a blend of steps taken to address market failures in promoting green/clean energy technologies and solutions, and other more classical policies to promote industrial development in India. Specifically, it analyzes the domestic political motivations for policies that target the solar photovoltaic (PV) and wind energy sector in India. It has found that the support offered to the industry has come at a relatively low cost, but has also resulted in a slow pace of development—growth has not been sustained, and many policies have been found wanting when evaluated against the originally proposed goals. Clear visible impacts of RE in the pursuit of energy security and access, avoided health costs for the local environment and in the abatement of GHG emissions are seen. The industrial policy element, in comparison, has fared poorly. The impacts on job creation are unclear, and there are large variations in the estimates. There is also much work to be done in spurring domestic R&D and in ensuring long-term manufacturing competitiveness domestically and their ability to compete in the growing global marketplace for RE. Despite the early beginnings of RE in India, these two sectors are very much a “work in progress,”’ and many of the lessons from the experience so far can positively influence growth in the years to come.