By NewsGram Staff-Writer

New Delhi: In continuance with the erstwhile Planning Commissions' efforts to decontrol energy prices, NITI Aayog to work on a new integrated energy policy that intends to provide energy security, right pricing mechanism, maintain quality standards, and promote competition.

While speaking at the launch of "India Energy Security Scenarios (IESS) 2047 Version 2.0", Arvind Panagariya , the Vice-Chairman of NITI Aayog said: "Energy is an important ingredient in any country's growth recipe. NITI Aayog has been asked to work on a new energy policy," according to a report in Economic Times.

With an intention to assess India's energy needs, domestic energy production and energy import requirements, the Planning Commission had prepared "India Energy Security Scenarios (IESS) 2047" in 2013-14.

Now, the NITI Aayog has brought in IESS 2047 Version 2.0 that has refined and made improvements to the original version. The IESS 2.0 gives three different scenarios for the GDP growth in the coming decades. The scenarios include GDP growth at 7.4 per cent, 6.7 per cent, and 5.8 per cent between 2012 and 2047.

According to ET report, India's energy imports are likely to become double by 2030.