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The National Clean Energy Fund (NCEF), announced in the Government of India s Budget 2010-11, is seen as a major step in India's quest for energy security and reducing the carbon intensity of energy. Funding research and innovative projects in clean energy technologies, and harnessing renewable energy sources to reduce dependence on fossil fuels constitute the objectives of the NCEF. The NCEF s utilization of funds is considered to be rather low and disbursements poorly aligned with the fund s stated objectives, thus posing a potential risk of diluting the focus of NCEF with adverse...