Energy Security and Economic Growth in South Asia: An Alternative Policy Option

Energy Security and Economic Growth in South Asia: An Alternative Policy Option

Debasish Nandy (Kazi Nazrul University, India)
DOI: 10.4018/978-1-5225-8547-3.ch022

Abstract

Energy security and economic growth are interrelated. South Asia is at a critical juncture today. Development is the overriding priority for the region because of the high incidence of poverty, but energy is proving to be a critical constraint. The entire region is suffering from an acute energy crisis. Firstly, South Asian countries are confronted with the huge challenge of securing energy to sustain rapid economic growth and meeting the rising aspirations of the people. Secondly, the region is home to a huge population that lacks access to clean forms of energy. A large section of the population, particularly in rural areas lacks access to electricity and relies on the traditional use of biomass for cooking. With limited domestic energy sources, most South Asian countries are also highly dependent on energy imports, particularly crude oil, from other regions. Thirdly, on the issue of energy security SAARC, countries need to establish a platform of common interest. There are three objectives of this chapter: exploring new alternatives of energy sources of South Asian States, searching for relationship between energy security and economic growth, and re-thinking about an alternative policy options regarding energy security in South Asia.
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Objectives Of The Research

There are three objectives of this chapter-

  • 1.

    To explore new alternatives of energy sources of South Asian States.

  • 2.

    In search of relationship between energy security and economic growth.

  • 3.

    To re-think about an alternative policy options regarding energy security in South Asia.

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Research Methodology

The present book chapter is based on two research methodologies—(1) Content analysis method & (2) observation method. It has been written on the basis primary & secondary data.

Key Terms in this Chapter

Middle-Income: Middle-income indicates the status in between lower-income and high-income group.

Least Developed: Least developed countries are those countries which are facing economic challenges, low rate of human development index, unemployment, illiteracy, etc.

Sustainable Development: Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Economic Growth: Economic growth has also been driven by productivity gains. That measures how much each hour of worker time produces in output. Its free market economy encourages technological innovations.

SAARC: South Asian Association for Regional Cooperation (SAARC) was formed in 1985 looking at greater regional cooperation among the South Asian States. Primarily there were seven states, namely, India, Bangladesh, Pakistan, Nepal, Sri Lanka, Bhutan, and Maldives. Afghanistan is the new member of SAARC. Now total number of members is eight.

Energy Security: Energy security as the uninterrupted availability of energy sources at an affordable price. Energy security has many aspects: long-term energy security mainly deals with timely investments to supply energy in line with economic developments and environmental needs.

Alternative Policy: When existing policy failed to resolve the crisis then policymakers think other options in order to mitigate the problem. It is called alternative policy.

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