A Study of Factors Influencing Renewable Energy Resource Management: Challenges and Opportunities for India

Abstract

The global economy has shifted its paradigm from agricultural, manufacturing to service-driven, all-inclusive economy. The international market dynamics, geo-political conditions, trade and commerce, strategic alliances, diplomacies and government reforms have long-lasting impact on the various national economies. The industrialization, urbanization, explosion of population, and infrastructure developments have led to exploitation of natural resources beyond the limits. It also caused the air pollution to the great extent. Delhi City is the example in this regard. India is a developing economy. It needs development but not at the cost of causing harm to nature, environment. Economy and ecosystem both are equally important for India. India consumes 1, 137.00 bn kWh energy every year (World Data, 2022). It is likely to grow. In order to cater the diverse needs of energy, renewable energy is an alternative to continue growth and sustain. Naturally, the governments, industries, and other stakeholders have to concentrate on renewable energy. However, there are certain factors influencing the growth, consumption, investment, production, utilization, efficiency of renewable energy resource management. The present article aims to identify the factors influencing renewable energy (Solar, Electric, Ethanol etc.) in terms of challenges and explore the opportunities from Indian perspective and context. It is high time to find out the best ways to sustain without causing harm to environment. In this study, primary data were used to collect information using a self-made questionnaire, and the data were processed using SPSS 25.0.