Does cultural economics affect country’s competitiveness?

Abstract

The world's rapidly rising energy consumption has sparked anxieties about wasteful resource use and its resulting impact on the environment. India’s energy sector stands as a pivotal driver of economic expansion, having influence across multiple dimensions of the nation’s growth path. India, being a developing country, has seen a faster rate of increase in power consumption. India's energy industry is more diverse than that of other countries. Traditional energy sources, like coal and water-based thermal power plants, continue to dominate the country's energy production. India is not an exception to the worrying global rate at which it is being depleted. Its growing population and ensuing rise in energy consumption are the country's biggest issues. After the US and China, it is the world's third-largest energy consumer. India's energy sector wants to increase investment in order to create a clean, sustainable and effective energy system. There has been an emphasis on increasing domestic supply, enhancing alternative energy sources and lowering India's reliance on energy imports. The Indian government made a further pledge to achieve net-zero greenhouse gas emissions by 2070 during the 2021 global climate negotiations. India also restated its goal of establishing 500 GW of renewable energy capacity by 2030. In this context, this research elaborates performance of the energy sector in India, investment prospects in the Indian energy sector, government initiatives, etc. in resilient energy ecosystem conducive to India’s continued economic advancement.

Keyword : Performance of the Energy Sector in India, Investment Prospects in the Indian Energy Sector, Government Initiatives, etc.