According to the International Energy Agency analysis, the time is coming for India to become the largest source of energy till 2040.
India will be hitting up the biggest share of energy demand growth within the next few decades. The energy demand growth is estimated around 25 percent.
The country has already surpassed the European Union which was the world’s third-biggest energy consumer by the year 2030.
Moreover, India’s national gross domestic product or the GDP is going to expand around $8.6 trillion by 2024.
As per this expectation, the India’s energy consumption can be expected to increase at a double rate. We can expect this by the next two decades.
Also, India’s current national policy scenario also supports this vision for India’s energy sector. Also, the IEA said this in its India Energy Outlook 2021.
However, it is also important to note that the rate of GDP growth adds the equivalent of another Japan to the world economy.
If this rally continues, India will be just equal to Japan in terms of GDP growth as per energy consumption.
Also, India’s current growing energy needs are sure to make it more dependent on the fossil fuel imports.
In India, the government policies seems to be fractured. It couldn’t promote petroleum exploration and production along with renewable energy.
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