Viksit Bharat Meets Green Growth

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:

1. National Green Hydrogen Mission: Targets 5 MMT of green hydrogen production annually by 2030.
2. 500 GW renewable energy goal: To be achieved by 2030; currently progressing with 180+ GW installed.
3. Production Linked Incentive (PLI): Launched for solar modules, advanced battery storage, and green technologies.
4. 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.

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