India’s economy is the world’s sixth-largest by nominal GDP and the third-largest by Purchasing Power Parity (PPP). It is the world’s fastest growing major economy, as well. India is the third largest energy consumer in the world and is the backbone of the economy.
Access to cheap energy is essential to India’s sustained accelerated growth. As per International Energy Agency (IEA), India’s aggregate energy consumption will more than double by 2040. This growing demand for energy has been traditionally dependent on imports of conventional energy like coal, oil and natural gas which poses a threat to India’s energy security.
Strategically, it is important that a country is energy independent or it meets the requirements of energy security which means ‘the uninterrupted availability of energy sources at an affordable price’. Read More
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