Convention October 10,2019

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Solar Energy Dependency: The Sculpting

Facet for Future Sustainability in India

Zeba Khan
Research Scholar
Institute of Business Management
Mangalayatan University

October 10th , 2019


Conceptual Framework

• Energy security is vital for sustained economic development and human welfare.

• The concept of sustainable development brings collectively the environmental, social


and economic issues on one platform.
Purpose of the Study

• The paper seeks to highlight the importance of solar energy for the future socio-economic
sustainability in India leading to sustained competitive advantages in the area of
renewable energy resources and its usage through innovation and investment.
Energy Scenario in India

• India is both a major energy producer and a consumer country.


• India currently ranks as the world’s 5th largest energy producer after China, USA, Russian Federation
and Saudi Arabia, accounting for about 4% of the world’s total annual energy production and it will be
the 3rd largest by 2030.
• Also it is the world’s 4th largest energy consumer trailing China, USA and Russian Federation ,
accounting for about 5.9% of the total annual energy consumption.
• Thus, India is a net energy importer, mostly due to large imbalance between oil production and
consumption.

Innovation and Investment

According to J.A. Schumpeter : The rate of economic progress of a nation depends upon its rate
of innovation which in turn depends upon the rate of increase in the number of entrepreneurs.

Innovation leads to the following factors for the enhancement of economic development:
§ Improvement in per capita Income
§ Increase in capital formation
§ Generation of employment opportunities
§ Introduction of new means of production
§ Introduction of new techniques
§ Improvement in standard of living


How Solar is Encouraging the Global Energy System?

• Step 1: Identification of Solar Energy at different levels of consumptions (Domestic,


Commercial, Industrial)
• Step 2: Democratization of Energy

As a result, the improvements in Solar Energy storage power technology in recent years
has made this task achievable as solar power need not depend on costly coal, gas, nuclear
based power generation for ensuring stable grid operations. Therefore, India is developing
off-grid solar power for fulfilling energy needs.
Annual Solar Power Generation (TWh)

● Year ● Solar Power Generation (%)


● 2013-14 ● 3.35
● 2014-15 ● 4.60
● 2015-16 ● 7.45
● 2016-17 ● 12.09
● 2017-18 ● 25.87
Source: Annual Energy Report, 2018
Source: Annual Energy Report,2019
Research Methodology

• The study is based on wide- range analysis of secondary data gathered from the publications
of Ministry of Renewable Energy, Solar Energy Statistics Report and other Renewable
Energy Journals, websites showing government data on solar energy and also the personal
observations while working on the study.

Research Implications

In this research, experimental investigations are needed to estimate which factors fit more or
less with service orientation and how to achieve them. Added to that, future researches can
classify and justify the future prospects of energy sustainability to make it vast. The paper
highlights the growth and the challenges in the ever-expanding area of solar energy business
and entrepreneurship related to this sector. This field needs constant learning. One cannot
overlook the fact that it is a brainstorming field to innovate and bring new things into the market
foray.

Conclusion

Energy is the vital pillar for infrastructure enhancement to meet the demographics and
economic growth. Future radical policies should be drafted to harness and combine
them in ways that maximise their benefits of cost efficiency, economic stability and
environment footprint.
Solar energy is considered as a path for sustainable development by overcoming
environment related issues, poverty annihilation and improved quality life. There is a
need for greater clarity about the role of government and funds allocated in the
implementation of subsidies and other financial securities like in LPG and CNG. Solar
energy dependency and sustainable growth can only be achieved by appropriately
incorporating a shift in the mind-set and attitude of the society for deep changes in the
way viewing green practices particularly in businesses.
References

• "Physical Progress (Achievements)" (web). report. Ministry of New and Renewable Energy, Govt. of 


India. Retrieved 18 November 2016.

http://www.renewindians.com/2013/02/indian-renewable-installed-capacity-has-reached-27.7GW.
html
• "Executive Summary Power Sector February 2017" (pdf). report. Central Electricity Authority, 
Ministry of Power, Govt. of India. 28 February 2017. Retrieved 24 April2017.
•  "Ministry of New and Renewable Energy, Annual Report 2015-2016."
• "Non-fossil fuels will form over half of India's energy capacity in 10 years, says govt". Hindustan 
Times. 19 April 2017. Retrieved 24 April 2017
• UNEP (2012) Global Trends in Renewable Energy Investment 2012, UNEP Collaborating Centre for
Climate and Sustainable Energy Finance
• IEA (2012) World Energy Outlook 2012, International Energy Agency
• US EIA (2011) Levelized Cost of New Generation Resources in the Annual Energy Outlook 2011,
US Energy Information Administration
• IEA (2012) Medium Term Gas Market Report 2012, International Energy Agency
•   Energy Statistics Report, 2019
https:// www.forbes.com/sites/krnkashyp/2017/07/20

www.tradingeconomics.com


Thank You!

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