The Energy Conservation Act of 2001 aims to provide a framework to promote energy efficiency in India through various compliance mechanisms. It established the Bureau of Energy Efficiency to implement energy efficiency programs and standards. Key features include the Energy Conservation Building Code, standards and labeling for appliances, designation of large energy consumers for audits and compliance, certification of energy managers and auditors, and the creation of an Energy Conservation Fund to finance programs. The Act aims to reduce energy intensity in the Indian economy through collaborative efforts between central and state governments.