Convention October 10,2019
Convention October 10,2019
Convention October 10,2019
Zeba Khan
Research Scholar
Institute of Business Management
Mangalayatan University
• Energy security is vital for sustained economic development and human welfare.
• 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
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
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How Solar is Encouraging the Global Energy System?
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)
• 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.
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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.
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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
www.tradingeconomics.com
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Thank You!