Indian energy policies amidst urban population and economic growth: Sourcing evidence from time-frequency domain analysis

Abstract

Relying solely on fossil fuel-driven economic growth could prove unsustainable, particularly in India, where the adverse environmental impact of this growth trajectory is increasingly affecting overall economic development. This challenge may hinder the realization of the sustainable development goals (SDGs) in the country. Therefore, to address this policy concern, an empirically investigation on the influence of various growth drivers on India's economic growth from 1965 to 2019 was conducted by this present study. Leveraging time-frequency estimators like gradual shift causality tests and Wavelet Coherence, the study yields a range of findings that can inform the formulation of an SDG-oriented policy framework. These outcomes not only acknowledge the detrimental environmental consequences of economic growth but also provide insights into addressing energy security issues. Ultimately, this research enhances to the literature by suggesting a comprehensive and adaptable policy framework aimed at advancing SDGs 7, 8, 12, and 13.