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Inflation | India’s energy growth set to be back after Covid impact reduces: Report

Inflation | India’s energy growth set to be back after Covid impact reduces: Report

MUMBAI: As the Indian economy hopes to return to growth trajectory after the Covid pandemic induced slump, the country’s energy demand too is set to come back in the near future, a KPMG report said.

India has manged to increase integration of renewable energy and focus on improving energy efficiency in the past that is set to benefit the country, the report by Srinivasa Rao Patnana, Partner, IGH, KPMG India said.

“The key to achieving energy security and ensuring sustainability lies in reducing and/or substituting the use of fossil fuels across sectors such as transport and industry. Most importantly, the focus should be towards reducing our reliance on imported oil and shifting towards electricity. Transition to electric vehicles is a key imperative for India, both from an energy security and sustainability standpoint. India needs to strengthen its EV charging infrastructure network with fast chargers while the utilities should focus on augmenting the network for handling the demand from electric vehicles,” the report said.

In last ten years the country has managed to improe energy acess across households. Several measures taken by the country have set the ball rolling in the right direction towards the overarching goal of sustainable, reliable and affordable energy access. The fact that India’s emissions intensity of GDP reduced by 20 per cent in 2018 compared to 2005 levels[ is a testament to the effectiveness of these measures, the report said.

To further capitalise on the progress made over the past decade, India needs to focus on the aligning energy markets to efficiently meet India’s energy demand and improving capabilities in technology research and development and ramping up domestic manufacturing, it added.

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