The price of the crude oil is hovering around USD100 per barrel despite the slow down of US economy. The other reason for this high rate is the domestic problems of major oil producing nations and depreciation of USD. Indian economy is developing at a rate of 9 percent per anum. For sustaining this rate of growth India requires huge amount of energy. Beside the fossil fuel is depleting at a very fast pace. We need to have sustainable energy use policy. The other big consumer among developing countries is China. Both India and China are at the basic level of development. Both of them have to develop economic lot of around 2.5 billion of people. Therefore, the requirement of energy is going to increase only.
There is a clear cut case of development of alternative and renewable energy. Earlier, the investment in research and development of alternative energy was not lucrative. But with the high crude oil price and the threat of climatic change the investment in this field is feasible. There is need of huge investment in solar, wind, geothermal, tidal, micro-hydel, biomass, hydrogen energy. Concerted efforts of both National Government and private sector players are urgently required.
In such scenario, the Indian government has allotted rupees 10,460 crores (2.6 billion USD) for the development of new and renewable sources of energy in the country during the 11th five-year plan from 2007 to 2012. This is a big positive step. Government of India has been doing incremental effort for this sector. Probably, this boost in the allocation of resources in the current five year plan may go a long way.
No comments:
Post a Comment