The Indian government has allocated financial resources in its budget to support existing clean energy policies like green hydrogen, electric vehicles, and emissions trading systems. The Carbon Credit and Trading Scheme (CCTS) is set to begin its pilot phase, aiming to reduce carbon emissions and contribute to climate finance. The success of India's emissions trading system depends on factors such as emissions cap, sector-specific targets, auctioning allowances, and policy interactions. Learnings from experiences in the European Union, New Zealand, and South Korea emphasize the importance of effective design in emissions trading. India's unique journey in implementing a carbon market will influence global emissions trading systems, especially in countries in the Global south. Key considerations include setting emission caps, defining sector-specific targets, deciding on auctioning allowances, and ensuring harmonization with other climate and energy policies. The long-term success of India's carbon market will rely on making sound design choices to drive emission reductions and enhance climate finance, ultimately positioning India as a successful model for sustainable energy transition.