The upcoming budget will be pivotal for the energy sector in India. With the latest net zero commitments made by India in the COP26 summit, the country has an ambitious target which requires decisive and dedicated measures in the direction of energy transition.
India is the third largest energy consuming country in the world. Rapid electrification in the recent years has resulted in improving electricity access in remote regions resulting in increasing consumption. Over the last two decades, India has been responsible for more than 10% of the increase in global energy demand, however, on a per capita basis, India’s energy use is less than half of the world average. Rising incomes and improving standard of living on the back of overall economic development, urbanization and industrialization are expected to increase energy consumption going forward.
