An Econometric Analysis of Relationship between Economic Growth and Petroleum Consumption in India

Musavir Ul Habib
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引用次数: 3

Abstract

The objective of this study is to examine empirically the relationship between the petroleum consumption which is a non-renewable and fast-depleting natural resource and economic growth for India for the period 1980–2014. The results obtained thereof act as the tools for the proper resource management and the environmental planning for sustainability. The study found that economic growth and petroleum consumption are cointegrated and hence there is a long-run relationship between the petroleum consumption and economic growth; conversely speaking, petroleum consumption has a significant impact on the economic growth of India in the long run. So the reduction of petroleum consumption if undertaken will have the serious repercussions on economic growth of India in the long run. The Granger causality test confirms that there is unidirectional causality running from petroleum consumption to economic growth in the short run but not vice versa. Hence, the study found that to achieve the dual goal of economic growth and environmental sustainability, the policymakers should focus on conserving the non-renewable petroleum resources. But at the same time, the investment in the renewable energy sector ought to be pursued so as to maintain the same level of energy consumption as well as achieve the sustainable development.
印度经济增长与石油消费关系的计量经济学分析
本研究的目的是实证研究石油消费(一种不可再生和快速消耗的自然资源)与印度1980-2014年期间经济增长之间的关系。由此获得的结果可作为适当的资源管理和可持续环境规划的工具。研究发现,经济增长与石油消费是协整的,因此石油消费与经济增长之间存在长期的关系;相反,从长远来看,石油消费对印度的经济增长有着重大影响。因此,从长远来看,减少石油消费将对印度的经济增长产生严重影响。格兰杰因果检验证实,短期内石油消费与经济增长之间存在单向因果关系,反之则不存在。因此,研究发现,为了实现经济增长和环境可持续性的双重目标,政策制定者应该重点保护不可再生的石油资源。但与此同时,应加大对可再生能源领域的投资,以保持能源消费水平不变,实现可持续发展。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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