The Political Economy of Energy and Growth

21st century global realities have altered the concept of national security and energy is fast becoming one of its pivotal components. Energy is the lifeblood of modern societies to drive growth and stimulate economic activity and any slump in its availability can hamper production process and growth. It is particularly critical for India as it depends on energy imports to fuel everything from transportation to communication, and education to health delivery systems. This book illuminates the possible policies and measures to successfully meet the long-term energy challenges. To derive these, the book combines theoretical and empirical issues and draws its conclusions from rigorous methodologies and latest data. It covers a wide range of issues on energy such as trends in oil markets, oil diplomacy, political economy of reforms, environment issues, interaction between macroeconomic policies and the energy sector, technology challenges, and innovations in oil industry. The editor also analyses India's national energy policy and its broad long-term implications towards achieving energy security.INTRODUCTION - NAJEEB JUNG ; SECTION I: ECONOMICS OF ENERGY AND ECONOMIC GROWTH ; 1. AN ESSAY IN TWO PARTS IN HONOR OF VIJAY KELKAR - DANIEL YERGIN ; 2. A PIONEER'S THINKING AROUND GROWTH FUNDAMENTALS: A TRIBUTE TO DR VIJAY KELKAR ; - R. K. PACHAURI AND SHAILLY KEDIA ; 3. THE POLITICAL ECONOMY OF CHANGE MANAGEMENT IN A COALITION GOVERNMENT: THE EVOLUTION OF PETROLEUM PRODUCTS - VIKRAM SINGH MEHTA ; 4. CHANGING PATTERN OF INDIA'S ENERGY PROFILE: AN INPUT-OUTPUT ANALYSIS OF LINKAGES - SHAHID AHMED AND ANJALI TANDON ; SECTION II: INTERNATIONAL OIL: NATIONAL AND GLOBAL CONTEXT ; 5. INTERNATIONAL OIL: A ZERO-SUM GAME? - SANJIV MISHRA ; 6. INDIA'S OIL: PAST, PRESENT, AND THE FUTURE - RITA NANGIA ; 7. SUBSIDY ELIMINATION WITH AND WITHOUT A GLOBAL PRICE SHOCK: THE MACROECONOMICS OF OIL PRICE POLICY REFORM - SUDIPTO MUNDLE, N. R. BHANUMURTHY, AND SUKANYA BOSE ; 8. OIL AND GAS IN AN ASIAN CENTURY - ASHA RAM SIHAG ; 9. DEVELOPMENT OF AN OIL AND GAS PROJECT IN RAJASTHAN - BILL GAMELL ; SECTION III: INDIA'S ENERGY SECURITY ; 10. CHALLENGES TO INDIA'S ENERGY SECURITY - LIGIA NORONHA ; 11. INDIA'S ENERGY SECTOR: PRIDE AND PREJUDICE - FEREIDUN FESHARAKI AND PRAVEEN KUMAR ; 12. INDIA'S ENERGY CHALLENGES IN THE GLOBAL CONTEXT: AN INVESTOR'S PERSPECTIVE - AFSANEH BESCHLOSS, WITH ADRIENNE VILLANI AND SHOMIK DUTTA ; 13. DR VIJAY KELKAR: A MAN FOR ALL SEASONS - MANI SHANKAR AIYAR ; SECTION IV: NATURAL GAS IN INDIA'S ENERGY BASKET AND POLICY DEBATES ; 14. ROLE OF NATURAL GAS IN INDIA'S ENERGY BASKET IN THE EARLY 21ST CENTURY ; AJIT KAPADIA AND KIRIT N. NAIK ; 15. THE GAS POLICY DEBATE: ORIGINS AND CHALLENGES - ANIL JAIN ; ABOUT THE EDITOR AND CONTRIBUTOR ; INDEX