Viksit Bharat Meets Green Growth
Kartavya Desk Staff
Syllabus: Economy
Source: IE
Context: India’s ambitious goal of becoming a developed nation (Viksit Bharat) by 2047 and achieving net-zero emissions by 2070 has brought green growth into focus.
• Balancing rapid economic development with sustainable practices is critical to ensuring long-term prosperity and environmental resilience.
Idea of Viksit Bharat:
• Goal: Transform India into a fully developed economy by 2047, with sustained high growth and inclusive development.
• Key objectives: High GDP growth (over 8%), world-class infrastructure, poverty elimination, and social equity.
• Pillars: Digital revolution, industrial strength, innovation, and climate resilience.
• Global positioning: Aim for India to become a leading geopolitical power and technology hub.
How Green Growth Fuels India to Viksit Bharat:
• Job creation: Green sectors are expected to generate 50 million new jobs by 2070 (WEF’s Mission 2070 report).
• Economic value addition: Estimated $1 trillion in additional economic value by 2030 from green investments.
• Energy security: Reduces dependency on 85% crude oil imports, stabilizing the economy.
• Export competitiveness: Decarbonized manufacturing helps avoid future carbon penalties (potential $150 billion annual loss by 2040).
Measures Taken by Government So Far:
• National Green Hydrogen Mission: Targets 5 MMT of green hydrogen production annually by 2030.
• 500 GW renewable energy goal: To be achieved by 2030; currently progressing with 180+ GW installed.
• Production Linked Incentive (PLI): Launched for solar modules, advanced battery storage, and green technologies.
• Budget 2025 provisions: Announced 100 GW nuclear energy plan, grid-scale battery production support.
Challenges:
• High Carbon Dependency: Coal accounts for 55-60% of power generation, with demand peaking only by 2030-2035.
• Funding Gaps: Requires $290 billion in renewable energy investments by 2030, posing financial challenges.
• Skill Deficit: Need to train 3.7 million skilled workers for the renewables sector by 2030.
• Climate Risks: Extreme heat could reduce GDP by 2.5-4.5% by 2030, impacting agriculture and labor productivity.
• Policy Implementation: Balancing fast growth with green transition requires careful planning and execution.
Way Ahead:
• Holistic Strategy: Combine renewable energy capacity-building with climate adaptation measures and ecosystem development.
• Demand-Side Focus: Provide farmers and MSMEs access to affordable, climate-resilient technologies and green finance.
• International Collaboration: Partner with global experts for technical support, skill development, and innovative financing.
• Innovation: Invest in green hydrogen, grid modernization, and carbon capture technologies to drive sustainable growth.
• Policy Tools: Use carbon pricing, green bonds, and blended finance models to incentivize decarbonization.
Conclusion:
Green growth and the vision of Viksit Bharat are not opposing paths but complementary goals. Accelerating green investments and building resilient infrastructure will drive sustainable growth. A well-planned green transition will place India on a stronger global footing by 2047.
• “Access to affordable, reliable, sustainable and modern energy is the sine qua non to achieve Sustainable Development Goals (SDGs)”. Comment on the progress made in India in this regard. (UPSC-2018)