Why PGDM in Energy management?
“At 4.3 per cent Compounded Annual Growth Rate (CAGR) India is the fastest growing energy consuming nation and will be a key driver of global energy demand over 25 years → PM, Modi said in his speech at The 16th International Energy Forum (IEF) held on 10-12th April 2018 at New Delhi.”
Energy is globally recognized as a key input for growth of any nation and associated with human development index.
It is evident from the correlation between per capita electricity (a proxy for all energy forms) consumption and Human Development Index.
There is a two-way relationship between the economic development and energy consumption.
- growth of an economy, with its global competitiveness, hinges on the availability of cost-effective and environmentally benign energy sources
- the level of economic development has been observed to be reliant on the energy demand
Accordingly, the NITI Aayog has come up with the Draft National Energy Policy in 2017 to spur the development processes. The policy seeks to replace the Integrated Energy Policy of 2008 by taking into consideration the present and future availability of resources and energy demand.
The key objectives of the Draft National Energy Policy (NEP) 2017 are –
- Access at affordable prices
- Improved security and Independence
- Greater Sustainability
- Economic Growth
The energy sector in India has been receiving high priority in the planning process. Energy comprises of coal, power, oil and natural gas with the new emerging reliance on renewable energy sources like solar, wind, hydro and biomass. Government of India has planned various ambitious targets for all sectors in energy area like oil and gas, coal, power, nuclear and renewable energy sectors.
The measuring factors like energy intensity and elasticity for primary commercial energy consumption are attributed to several factors, like energy efficiency, demographic shifts from rural to urban areas, structural economic changes towards lesser energy industry, impressive growth of services, improvement in efficiency of energy use, and inter-fuel substitution, etc.