Making a strong case for lowering costly energy imports, President Pranab Mukherjee today said efficient resource management will help reduce huge foreign exchange outgo.
Efficient use of resources and conservation of energy are critical for the agenda of inclusive growth and development, he said.
"In today's macro-economic context, we stare at an acute prospect of having to incur huge foreign exchange outgo to buy expensive energy from abroad. Energy security has indeed become synonymous with national security," he said.
Speaking at the National Energy Conservation Awards function here, Mukherjee said the energy conservation deserves top priority in the way the country utilises its scarce natural resources.
"Energy conservation also implies the substitution of costly imported energy by cheap energy. This will help in reducing our foreign exchange outgo," he said.
India is the largest energy consumer in the world after the US, China and Russia.
Energy imports, especially that of oil, make up for a significant part of the country's import bill.
Mukherjee said accelerated industrialisation, growing urbanisation and an emerging consumer society have led to a significant increase in energy demand.
"Meeting the energy needs of the population in a scenario of increasing supply limitations has posed a formidable challenge for sustainable economic growth.
"As an effective strategy to counter this growing difficulty, the growth in energy demand vis-a-vis the growth of GDP has to be contained through improved energy efficiency," he said.
Noting that energy is increasingly recognised as a strategic commodity, Mukherjee said any supply constraint can adversely impact the economy of a country.
