Over-dependence on imports to meet soaring energy needs would hit India's fiscal balance, President Pranab Mukherjee said.

Addressing the National Energy Conservation Day function on Friday, Mr. Mukherjee underscored the need to have a better balance between the consumption and availability of energy resources.

Speaking on the topic, he cautioned, "Huge dependence on imports for energy needs will have an impact on fiscal balance of the economy."

He added that climate change was a threat and thus a shift from conventional sources of energy to cleaner energy sources was just imperative.

However, the President also said that climate change also offered a unique opportunity for developing countries like India. He added that India had a crucial stake in the evolution of a thriving, equitable and mutual response to climate change.

The Government's market-based mechanism "Perform, Achieve & Trade" scheme under National Mission on Enhanced Energy Efficiency is a mandatory scheme that will save an estimated of 6.6 million tonnes of oil equivalent in 2013-14.

Mr. Mukherjee also stressed that education would play a key role in enabling the country to achieve the projected annual economic growth rate of 9 per cent in the current Five-Year Plan (2012-17).