Expressing the need for reliable energy to sustain the country’s economic growth, Prime Minister Manmohan Singh said access to clean, reliable and affordable sources of energy is a major policy priority for India, which seeks to pursue economic growth of 8 to 9 percent per year in a sustainable manner.
Representing the Fourth US-India Energy Partnership Summit, Singh said ‘the scale of energy challenges in India requires not just investments, but also innovation in how we produce and consume energy’. By adding further he said, through the India-US Energy Dialogue, our bilateral co-operation has made remarkable progress in seeking solutions to the energy challenges of our times.
Meanwhile, India is an energy deficient nation and needs massive investment in the renewable energy sector which is estimated to be between $60-70 billion in the next five years. Thereby, the country is seeking more collaboration with the United States in the renewable energy sector. India-US energy dialogue focuses on critical areas of social development and both the countries are also developing a joint strategy of clean energy development.
