Syllabus: Economy
Source: IE
Context: India aims to become a developed nation by 2047 while targeting net-zero emissions by 2070. This focus on green growth is essential for sustainable development.
What is Viksit Bharat?
- Goal: Make India a fully developed economy by 2047 with high growth that includes everyone.
- Objectives: Achieve economic growth over 8%, build top-notch infrastructure, eliminate poverty, and ensure social equality.
- Pillars: Focus on digital innovation, strong industry, and climate resilience.
- Global Role: Establish India as a major geopolitical player and tech hub.
Green Growth and Its Impact:
- Job Creation: Sectors focused on green growth could create 50 million jobs by 2070, according to the World Economic Forum.
- Economic Boost: Green investments might contribute an additional $1 trillion to India’s economy by 2030.
- Energy Security: Reducing reliance on crude oil imports, currently at 85%, can stabilize the economy.
- Export Advantage: Green manufacturing will help avoid future carbon penalties, potentially saving $150 billion annually by 2040.
Government Efforts So Far:
- National Green Hydrogen Mission: Aims for 5 million metric tons of green hydrogen production yearly by 2030.
- Renewable Energy Target: Striving for 500 GW by 2030, with 180+ GW already installed.
- Production-Linked Incentive (PLI): Supports growth in renewable technology sectors like solar and battery storage.
- 2025 Budget Initiatives: This includes a plan for 100 GW of nuclear energy and support for large-scale battery production.
Challenges Ahead:
- Carbon Dependency: Coal still drives 55-60% of power generation, with demand peak expected only after 2030.
- Funding Shortages: An estimated $290 billion is needed for renewable energy investments by 2030.
- Skills Gap: India needs to train 3.7 million workers for the green sector by 2030.
- Climate Risks: Extreme weather could lower GDP by 2.5-4.5% by 2030, impacting agriculture and productivity.
- Policy Balance: Rapid growth must be aligned with sustainability measures.
A Roadmap for the Future:
- Comprehensive Strategy: Integrate renewable energy initiatives with climate adaptation and ecosystem health.
- Focus on Demand: Ensure accessible green technologies and financing for farmers and small businesses.
- Global Collaboration: Work with international experts for support in skills and innovative financing.
- Invest in Innovation: Emphasize developments in green hydrogen, grid modernization, and carbon capture.
- Policy Innovations: Implement tools like carbon pricing and green bonds to promote sustainable practices.
Conclusion:
The paths of green growth and achieving “Viksit Bharat” can work together, not against each other. By investing in infrastructure and sustainability, India can position itself strongly on the global stage by 2047. Recent data from the United Nations shows the urgent need for affordable energy access to meet Sustainable Development Goals (SDGs). This alignment can create a prosperous, green future for India.
Check out this related article: Unlocking Innovation: NITI Aayog’s National Workshop to Enhance India’s Innovation Ecosystem in GIFT City
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