India Must Accelerate Shift to Sustainable Energy amid Global Uncertainties: Former RBI Governor C. Rangarajan
Hyderabad, June 9 (TNT): Former Reserve Bank of India (RBI) Governor and former Chairman of the Economic Advisory Council to the Prime Minister C. Rangarajan has stressed the need for India to accelerate its transition towards sustainable and alternative energy sources to strengthen long-term energy security and reduce vulnerability to global disruptions.
In his recent keynote address at the 18th Annual Doctoral Thesis Conference jointly organised by the ICFAI School of Social Sciences (ISoSS), Hyderabad, and the Indira Gandhi Institute of Development Research (IGIDR), Mumbai, here, Rangarajan said many of the economic challenges facing India today are the result of external shocks rather than domestic weaknesses.
He said international trade disruptions and tensions in West Asia have affected global supply chains, increased energy and food prices, and created uncertainty in financial markets worldwide.
Despite recent depreciation of the rupee, India’s economic fundamentals remain strong, he noted, adding that easing geopolitical tensions would help restore currency stability.
Outlining a strategy to address external economic shocks, Rangarajan advocated a three-pronged approach comprising diplomatic engagement and diversification of supply sources in the short term, creation of strategic buffers in critical sectors such as energy in the medium term, and selective import substitution in strategically important sectors over the long term.
He emphasized that India’s objective should not be self-sufficiency at any cost but the development of competitive domestic capabilities in critical sectors where excessive import dependence could pose risks.
Rangarajan also called for greater focus on renewable energy and electric mobility as part of a long-term strategy to improve energy resilience and reduce exposure to global market volatility.
Addressing the conference , Basanta Kumar Pradhan, Director (Vice-Chancellor) of IGIDR, discussed the evolving global climate finance architecture and highlighted the growing role of private investment and project-based funding in supporting climate action.
He also highlighted the growing role of private capital and project-based funding in climate-related investments.
The inaugural session was attended by Tamma Koti Reddy, Vice-Chancellor of the ICFAI Foundation for Higher Education (IFHE), while C. S. Shylajan highlighted the conference’s role in promoting research excellence and academic collaboration.
The two-day conference, held on June 4 and 5 in hybrid mode, brought together nearly 200 doctoral scholars, researchers and academicians from leading institutions, including IIMs, IITs, NITs, IIITs, Jawaharlal Nehru University and several Central and State universities.
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