India does have some good work in this area but at the margin India will think "should I invest one more dollar in this?" and the answer will be "No, it will only gain me 99c that I can capture".
But that gain, unlike the carbon output, will be bounded by the national border, unless there's some way of exporting it for cash.
EU carbon tariffs will have a similar effect, making Indian goods relatively cheaper on the export market if they invest in solar.
This comes up again and again. The famous "Renewable Energy Without the Hot Air" for example is about how the UK could generate it's own power cleanly.
Which is effectively irrelevant in a global context of 60 Million vs 11 Billion people, but it makes phasing out fossil fuels seem harder so there's a lot of people pushing it as an unstated assumption.