Here, creation of the universe is obtained only from gravity sector. Thedynamical universe begins with two basic ingredients (i) vacuum energy, alsocalled dark energy (as vacuum energy is not observed) and (ii) backgroundradiation. These two are obtained through one-loop renormalization of riccion.Solutions of renormalization group equations yield initial value of vaccumenergy density $\rho_{\Lambda_{\rm ew}} = 10^6$ GeV^4 and show a phasetransition at the electroweak scale $M_{\rm ew}$. As a result of phasetransition,energy is released (in the form of background radiation) heating theuniverse upto temperature $T_{\rm ew} = 78.5$ GeV $= 9.1 \times 10^{14}$ Kinitially. In the proposed cosmology, it is found that not only currentuniverse expands with acceleration, but it undergoes accelerated expansion fromthe beginning itself.It is demonstrated that dark energy decays to dark matterand the ratio of dark matter density and dark energy density remains less thanunity upto a long time in future also, providing a solution to $cosmic$$coincidence$ $problem$.Future course of the universe is also discussed here.It is shown how entropy of the universe grows upto 10$^{87}$ in the presentuniverse. Moreover, particle creation, primordial nucleosynthesis and structureformation in the late universe is discussed for the proposedmodel.Investigations, here, present a fresh look to cosmology consistent withcurrent observational evidences as well as provide solution to some importantproblems.
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