India is facing one of its most critical energy affordability issues in recent years. This has been attributable to the rising cost of electricity, rising energy prices, and the lack of adequate policy support. India needs to make major changes in its energy system, to ensure that energy is affordable and accessible to all its citizens.
The challenge faced by India lies in its ability to create an effective market system for energy distribution. The government needs to ensure that the pricing of energy is transparent, and that suppliers are required to offer competitive prices that are based on the true cost of energy production. Furthermore, in order to make energy more affordable, the government must ensure that energy producers are incentivized to take cost-reducing measures. This could be accomplished through the implementation of renewable energy policies, such as renewable portfolio standards.
In addition, India needs to engage in a comprehensive energy efficiency strategy. This is important because energy efficiency helps reduce demand, thus lowering energy prices. India should also explore other strategies that will help make energy more affordable, such as the promotion of energy-efficient appliances and energy-efficient practices.
