According to the report, during the year 2019-40, India’s energy demand will increase to a quarter of the world, which is the highest for any country. Renewable energy will also play a very important role in this. By the year 2040, India’s power system will overtake the European Union. India will lag far behind the EU in power generation. About 30 per cent will be from renewable energy. Let us tell you that renewable energy is a natural source of energy. It also includes solar and wind energy. In the coming years, India will emerge as a major market for the use of natural gas. Demand is expected to triple by 2020.
One of the major reasons why India’s energy is so advanced is because of industrialization in India. According to the report of the International Energy Agency, the round will not only continue in India but will also be fast. In the last three decades, India has contributed 10 per cent to the global growth rate. By the year 2040 it will be 20 percent. The report also expressed hope for India’s intervention in steel production. Similarly, oil demand in India is expected to increase to 74 per cent. It can reach about 3 million barrels per day. Similarly, the demand for natural gas will be 201 billion cubic meters and coal by the year 2040, which is now 590 tons. To meet this growing demand, India will have to buy biofuels from outside.