Tackling India's Energy Crisis || Editorial Analysis

India is expected to experience a serious energy crisis in FY2023, with energy imports accounting for 36.6% of import bills that may total more than USD 1 trillion by December 2026. India faces enormous difficulties as a result of its reliance on imported energy sources like coal, crude oil, LNG, and LPG. A worsening of the situation may result from the import value of clean energy products like solar cells and lithium-ion batteries.

The weakening of the US-Saudi Arabia agreement, high inflation in developed nations, and US efforts to establish alternative supply chains have all contributed to an increase in energy prices.

Challenges:

India is confronted with issues such dwindling energy supplies, inadequate investment, weak energy infrastructure, political and regulatory obstacles, and the effects of climate change. India is addressing the problem

Way forward:

India needs to develop its sedimentary basins, invest in domestic exploration and production, and offer incentives for investment. Additionally, it ought to emphasise renewable energy, improve energy efficiency, and implement reforms in the energy industry. India should also work to strengthen climate resilience and reduce greenhouse gas emissions.