Energy consumption influences the level of living and quality of life of masses in a significant way, which ultimately matters a lot for overall economic development. We have analyzed the well established relationship between energy consumption and economic development in the context of fifty six countries, including India, and have done some econometric modeling on the influence of energy consumption on economic development. Human Development Index (HDI) has been taken as a representative of economic development. HDI has been calculated on the basis of important variables representing overall economic development as per UNDP methodology. We have also made an attempt to recalculate the HDI, taking energy consumption as an additional variable along with existing variables (as per UNDP methodology). We have also made an attempt to forecast the energy demand for India, mix of various sources of energy and India's reliance on imports of crude oil and coal in year 2025. This work will be useful for academia, researchers, policy makers and students of energy studies.