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The article examines whether energy consumption and energy intensity of manufacturing enterprises in India are significantly impacted by energy prices, also studying the impact of non-price factors. Data on industrial plants and manufacturing companies are used for two components of the analysis: one addressing the impact of energy prices on energy demand, and the other addressing the impact of non-price factors on energy intensity. Although several studies have reported moderate-to-low price elasticities of industrial power demand in India (ranging from –0.2 to –0.6), we estimate that the price elasticity of energy demand in India’s energy-intensive manufacturing industries is about –1.3. The results indicate that export-oriented manufacturing firms in India have lower energy intensity than non-exporting firms; this finding aligns with similar earlier studies. However, this impact is contingent on firms’ environmental consciousness and commitment.
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Goldar et al. (2026) studied this question.
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