New Delhi, Dec 17 (IANS): India needs to balance its growing energy needs to sustain a growth rate of over 8 percent in the next two decades with the preservation of the environment, President Pranab Mukherjee said here on Thursday.

"This is a huge responsibility and challenge because we have to achieve this while preserving the environment," he said after receiving Garwood Award for 'Outstanding Global Leader in Open Innovation' from UC Berkeley-Haas School of Business.

The nation is home to 17 percent of the world population and uses only five percent electricity of the world's total usage.

Mukherjee also said that open innovation was "most essential" for government entities which are tasked to serve the citizens.

"Innovation is a critical driver of growth and development. Open innovation takes the innovation to the next level and creates a new eco-system of access and equal opportunities to all," the President said.

Mukherjee also thanked Governor Jerry Brown of the US state of California and his senate for acknowledging his efforts in open innovation.

"Open innovation is a way to future as it captures knowledge flow from all sources, both internal and external in an organisation," the President added.