Currently, India is the ninth largest economy in the world with growth rate of 8% and above [18], driven by a real GDP growth of 8.7% in the last 5 years. In the year 2010, India was the 5th highest in the world based upon the real GDP growth. This economic growth has been placing massive demand on its energy resources. This demand and supply imbalance in energy has pervasive across all sources requiring serious efforts by the Government of India to enhance energy supplies as India faces possible severe energy supply constraints [30]. According to the International Energy Agency (IEA), a 53% increase in global energy consumption has been foreseen by 2030. Therefore, energy security has been fetching a serious issue as fossil fuels like coal, gas, and diesel are consuming at extremely faster rate, and so, may deplete soon [31]. Electricity has been identified as a key driver of any devel- oping country in its economic growth. India’s net cumulative installed power generation capacity from various sources is 250256.99 MW as on 31 July , 2014 [32] (see Table1).