The Aayog is also working on an integrated energy policy and will soon bring out a road map for developing energy security and a right pricing mechanism to promote competition and quality standards.
NITI Aayog will bring out a new integrated energy policy -- as was introduced by its predecessor the erstwhile Planning Commission -- which called for decontrolling of energy prices.
"Energy is an important ingredient in any country's growth recipe. NITI Aayog has been asked to work on a new energy policy," said NITI Aayog Vice-Chairman Arvind Panagariya while speaking at the launch of 'India Energy Security Scenarios' 2047 Version 2.0.
The Aayog is also working on an integrated energy policy and will soon bring out a road map for developing energy security and a right pricing mechanism to promote competition and quality standards.
In 2013-14, the Planning Commission had undertaken a major exercise that led to the creation of India Energy Security Scenarios (IESS) 2047, with an eye on assessing and predicting India's energy needs, domestic supplies and imports.
IESS 2047 was launched in February last year.
Taking IESS 2014 to the next level, NITI Aayog has brought out IESS 2047 2.0 with some refinements.
The IESS 2.0 now allows for three GDP growth scenarios of 7.4%, 6.7% and 5.8% in 2012-47 and offers a range of energy consumption projections, Panagariya said.
"While it's my hope that India would grow even faster than the top rate of 7.4% built into the utility, the response of energy demand and supply to GDP growth makes for a rich analysis of India's energy future," he further said.
According to initial estimates, India's energy imports are slated to double by 2030. At present, three-fourths of India's energy requirement are met through imports.
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