India’s economic growth will depend upon the ability to provide affordable, reliable and sustainable energy to citizens and the country is required to raise per capita energy consumption by at least 2.5 times to increase per capita income by $5000, the economic survey tabled in Parliament said on Thursday.
The survey said India has the potential for USD 30 billion annual investment in renewables in next decade and even beyond that in view of its ambitious target of having 175 GW of clean energy by 2022.
“India with a per-capita energy consumption of about one-third of the global average, will have to increase its per capita energy consumption at least 2.5 times to increase its real per capita GDP by USD 5000 per capita, in 2010 prices, to enter the upper-middle income group,” the survey stated.
As per the survey, India has to quadruple its per capita energy consumption if the country aims to rise in HDI (human development index). Read More