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- Title
Impulse Response of Economic Growth to Renewable Energy Shocks: Indian Scenario.
- Authors
Venkatraja, B.
- Abstract
There is a growing urge from among the global community to sustain the growth by adopting more of renewable energy practices since the Kyoto Protocol Agreement, 1997. In a bid to reduce greenhouse gas emissions, many countries particularly developed economies have increased the production and consumption of renewable energy in absolute terms and its proportion to total energy mix as well. Different hypotheses have been developed by the theorists on the relationship between renewable energy and economic growth. One of the prominent hypotheses in the literature is the growth hypothesis which propounds that increased share of renewable energy to total energy mix depresses the economic growth. At this backdrop the present paper studies the impact of shocks in renewable energy on economic growth in India and tests the growth hypothesis. The study employs the secondary data covering the period 1991-2012. Share of renewable energy consumption in total energy consumption and share of renewable electricity output in total energy output have been considered as proxies to renewable energy and economic growth is measured by GDP per capita. Linear multiple regression model, variance decomposition and impulse response function techniques have been applied to estimate the impact. Results of the study support the growth hypothesis reflecting that increased share of renewable energy in total energy tend to adversely affect economic growth in India.
- Subjects
ECONOMIC development; RENEWABLE energy sources; GREENHOUSE gases; EMISSIONS (Air pollution); ELECTRIC power production
- Publication
IFIMs Focus: The International Journal of Management, 2016, Vol 12, Issue 2, p6
- ISSN
0973-9165
- Publication type
Article