The energy landscape in India
As the fastest growing large economy in the World, India is also experiencing robust growth in energy consumption due to increase in energy access, urbanisation and increasing income levels. It is already the third largest energy consumer globally and all leading international agencies like IEA and BP are predicting that energy consumption in India will grow more than 5% annually in the next two decades.
Overwhelming dependence on fossil fuel and imports make India vulnerable to volatility in the international energy markets. India is diversifying its energy basket by investing heavily in renewable energy and bio fuel sectors. Through policy measures and investment in infrastructure, government is trying to increase share of gas in the primary energy mix and liberalising policies to boost domestic production of hydrocarbon. Adoption of electric vehicles and more affordable storage technologies are going to transform the energy landscape in times to come.
Debasish Mishra, Partner, Deloitte Touche Tomatsu India LLP