Energy Policy Transitions & Sustainable Innovations for Revitalizing The Indian Economy

Abstract

India is on a rapid growth trajectory supported by its diverse demographic, technological intelligence and innovationecosystem. It boasts of a 1.3 billion strongpopulation, a GDP of 3 trillion USD, and ranks 48th on the global innovation index. The growth of this scale has a major impact on the use of natural resources and carbon emissions, and India is the third- largestemitter of greenhouse gases, behind Chinaand United States. In 2021, India accountedfor 3 giga tonnes of carbon or 6.8% of the total global emissions. For a vast nation like India, it is key to harmonize economic development with sustainable environmental development. The government has continuously strengthened the nation’s commitment to renewable energy sources by setting up institutions as well as by formulating policies for solar, wind and alternate fuel sources. This paper is a study of the numerous shifts in the energy policy ofIndia from fossil dependent to a producer and consumer of renewable energy sources; and how these shifts are impacting the sustainable innovations. The research is done through extensive literature review, abstraction of qualitative data, insights using secondary data sourcesand data analysis. The author criticallyexamines the relevant Indian institutions,schemes and policy initiatives to create sustainable development through alternative energy sources. The paper also sheds lighton the sustainable innovations. The paperconcludes with a focus on the innovation ecosystem setup and its impact on the Indian economy, and how this change can be leveraged to revitalize the economy.