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Research Paper | Economics | India | Volume 12 Issue 10, October 2023 | Popularity: 5 / 10

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A Way towards an Inclusive and Green Growth in India

Alpana Lal

Abstract: India is emerging as one of the fastest growing economies, having the status of the sixth largest economy globally by GDP and the third largest economy in Asia. Although the past decades of rapid economic growth have brought many benefits to India, the environment has severely suffered in this process. It is evident from the ?2020 Environmental Performance Index?, in which India ranked 169 out of 180 countries, indicating that it is laggingin green growth. A green economy or green growth has recently emerged as a key concept on the global sustainable development agenda. In the modern world, climate change, compounded by other stressors such as poverty and inequality, threatens the ability of countries to achieve sustainable development objectives, and for this, the international community has decided to come together. Butany type of low - carbon growth trajectory consistent with international aspirations to limit climate change would be significantly more expensive for developing countries and it is not clear that the Indian people would be willing to bear these extra costs as an emerging economy with low GDP and low per capita income. Hence, some combination of accelerated low - carbon innovation, technology transfer from developed countries, and climate finance from outside the country will be needed if green growth is to take root in India. In this context, the present paper critically examines the feasibility and desirability of green growth, points out the challenges and key barriers to achieving it, and throws light on some initiatives taken by the government of India. This paper also proposes a set of strategies to achieve inclusive and green growth in the country, and only through this, the target of turning into the third largest economy with 7 trillion USD may be achievable by 2030.

Keywords: Environment, Climate, Green Growth, IGG, Renewable Energy

Edition: Volume 12 Issue 10, October 2023

Pages: 659 - 677

DOI: https://www.doi.org/10.21275/SR231008171140

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