Energy Consumption and Sustainable Economic Development in India

Abstract

It is evidently found that energy has become inevitable for the economic development of any nation. In the 21st century the demand for energy has escalated since the emphasis on achieving economic development is being realized worldwide. It is interesting to note that the majority of the developing countries have rich resources of renewable energy, which includes solar, wind, thermal and bio energies. By exploiting resources of renewable energies developing nations can decrease their dependency on fossil fuels and achieve economic development without destroying environment. As we know that energy is the basic necessity for the economic development of any country. Having a population of more than a billion, a fifth of the total populace in the worldwide, India retains its position in the third on the planet regarding demand for energy. Inadequacy of energy supply would obviously affect very adversely on the quality of service in the fields of education, health and in fact, even food security which is a vital and essential requirement of any society. India’s strategy towards energy development and energy security plays a vital role in economic development. There are causal factors which influence energy crisis in terms of supply and demand factors viz. supply shortage with respect to demand; transmission bottlenecks; natural factors; defects in deregulation; imperfect market; financial concerns, geopolitical pressures and the global energy landscape. The choices we as a whole make today whether they include putting resources into a multibillion dollar oil task or obtaining the family vehicle may have long haul suggestions pertaining to energy. It is important that we face the challenges and embrace the opportunities because energy both its production and its use in an environmentally safe manner is a platform for broader discussion.