As a rapidly developing economy, India holds the primary responsibility for ensuring affordable oil and gas prices for its domestic market. The country can achieve this vital goal by maintaining sustained investments in the oil and gas sector. However, as global environmental concerns rise, an orderly transition to clean and renewable sources of energy is also indispensable. Therefore, India must carefully balance its longstanding dependency on traditional energy resources with its global commitments to environmental sustainability.
1. India, as a rapidly growing economy, is tasked with balancing the provision of affordable oil and gas for the domestic market while also considering global environmental concerns.
2. To maintain affordability, India must consistently invest in its oil and gas sector.
3. There is a recognized imperative to transition towards clean and renewable energy sources in line with environmental sustainability.
4. Striking a balance between economic growth and environmental sustainability will involve utilizing India's potential for renewable energy, such as wind, solar, and biomass.
5. Implementing appropriate policies, investing in infrastructure advancements, and technological improvements will be vital in the shift towards a greener energy profile for India.
Nearly 80% of India's oil demand and 50% of its gas demand in 2020 were met through imports.
Energy sources. The crux of the issue lies in striking a balance between economic growth and environmental sustainability. To achieve this, India will need to tap into its vast potential for renewable energy while still maintaining a stable supply of traditional oil and gas. This approach not only ensures energy security but also creates jobs and stimulates economic growth. Renewable energy sources such as wind, solar, and biomass should become increasingly significant in India's energy mix. The implementation of the appropriate policies supporting these sectors will be crucial. Investing in infrastructural advancements and technology will also be essential in maintaining the momentum of the ongoing transition towards greener energy.