India is projected to become the third-largest economy in the world by 2028, according to the International Energy Agency (IEA). With rapidly growing energy demand, India’s economic expansion is driven by increasing car ownership, construction, and industrial activity. IEA’s World Energy Outlook 2024 highlights the country’s rising role in global energy demand and economic output.

BulletsIn

• India projected to add 12,000 cars daily till 2035.
• Built space to expand annually by over 1 billion square meters.
• Air-conditioner electricity demand to exceed Mexico’s total power consumption by 2035.
• Oil demand to rise by nearly 2 million barrels per day by 2035.
• Third-largest economy status expected by 2028.
• India overtook China as the most populous country in 2023.
• Energy supply to rise from 45.4 EJ in 2023 to 70.5 EJ by 2050 (STEPS).
• Natural gas demand to reach 172 bcm by 2050; coal to decline but still play a major role.
• Challenges: universal clean cooking access, import reduction, and energy reliability.
• India’s CO2 emissions expected to be 25% lower by 2035 in APS scenario.