India’s energy demand is set to double by 2050 as the South Asian nation’s economy is expected to witness rapid expansion, according to analysis company IHS Markit.
While predicting the massive surge in India's energy demand over the next three decades, IHS said that the share of hydrocarbons in its energy basket is expected to marginally decline during the same period.
“India's share of fossil fuels in the energy mix is expected to slightly decline from 76% in 2020 to 72% in 2050,” the company said during the first day of the India Energy Forum by CERAWeek on Monday.
Indian Prime Minister Narendra Modi also said on the forum that the nation is likely to see energy consumption swell.
Modi said the coronavirus pandemic had led to a one-third fall in global energy demand, with investment decisions severely impacted and widespread predictions of a contraction in demand over the next few years.
“But India is likely to see energy consumption double over the long term,” he said, without elaborating on the time frame.
In its medium-term outlook, IHS Markit has predicted that, despite the coronavirus pandemic, India's growth is likely to rebound over the medium term, with 9.2% growth expected in 2021.