Impact of Renewable Energy Technologies on Economic Growth of South Asian Countries

Abstract

This study has focused on identifying the impact of renewable energy technologies on economic growth in South Asian countries. Methodology: This research has used data from World Bank's website. The data is collected for all the South Asian Countries (Pakistan, India, Sri Lanka, Bangladesh, Maldives, Bhutan, Afghanistan, and Nepal) for the period of 2000 to 2020. The data compiled is for renewable energy consumption and tbe economic indicators (measured by real GDP, fixed capital formation, and labor fo re(:). Both correlation and regressing analysis have been used to establish results to either accept. m re)c..:-J ~ h e Hypotheses. Findings: Based on Ow. fiche~~~ and res ults, it is c.onc-bcbi ;:w.t renewable energy technologies have significant positive £,.~·,pitC'.t 0 "'. economic grO\vth (r eai (,.UP, gross fixed capital formation) in South Asian countries. Conc.h~s ivdy, it is pro ved rh,:~. irrqJrovement in renewable energy technologies brings a v;~il t'te change in economic i:'.,l \;With (real GOP, gross fixed capital formation) of South Asian cotmtr:es. Research Implications: This study proves highly effective in helping economists and industrialists of South Asia to understand the vital contribution that renewable energy technologies make towards improving economic growth and its relevant aspects (real GDP, gross fixed capital formation).