India is increasingly leaning towards fossil fuels to power its ambitious growth targets, preferring the burning embers of coal and diesel, to the stark power of the sun. This belated realisation has occurred after a slowdown in the pace of renewable generation, the war in Ukraine, and the fact that the path towards a $5-$10 trillion economy, envisaged at warp speed, is only possible with dirty fuels rather than clean energy.
This reality is reflected in India's oil demand forecast, released by the oil ministry this week. It shows demand for oil products growing at 5 per cent in fiscal 2023-24 to 234 million tonnes, perhaps one of the highest growth rates for oil use among large economies.
This reality is reflected in India's oil demand forecast, released by the oil ministry this week. It shows demand for oil products growing at 5 per cent in fiscal 2023-24 to 234 million tonnes, perhaps one of the highest growth rates for oil use among large economies.
Of course, the focus on green growth remains for the long term, and can be accelerated, if the Global North supplies funds and technology to the developing South, as discussions highlighted at the just concluded World Sustainable Develop
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
Or