According to International Energy Agency (IEA), a growing economy, rapid rise in population and urbanization will trigger India’s energy needs 3 times greater than the global average. By 2040, India will be responsible for 25% global energy demand.
Moreover, the booming industrialisation has been a crucial reason for accelerated energy need of the country. Rapid industrialisation has already increased the demand for cement, steel, electricity in India.
Till now, most of the energy needs of India is met by coal and oil. India is currently responsible for 16% of global coal trade. The policymakers need to ensure that the use of renewable energy resources needs to be encouraged for meeting further energy requirement. The installed renewable energy capacity of India is 30% greater than the United States. Hence, the country is quite equipped to generate significant amount of renewable energy if execution of appropriate policies, administration and investments take place in the coming days.
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