green economy in india research paper

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Green Economy in the Context of India

2020, Vidyawarta - Peer Reviewed Research Journal

The transition to green and inclusive economies has been long deliberated both at national and global level. India has recently made two major global commitments: the 2030 Global Development Agenda and the ratification of the Paris Agreement. This paper tried to study the benefits, principles and barriers of green economy. Green economy transition in key sectors like Agriculture, Construction, Power, Manufacturing, Transport and Tourism is also identified.

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Across the world, Green Economy concept has been gaining ground and India is no exception. Green Economy is a development strategy which synergizes both economic development and ecological sustainability. Stated objectives of environment-friendly sustainable measures have, so far, largely not been met in developing countries due to overpowering need of basic development priorities, lack of fund flow from the developed world for mitigation and adaptation purposes, etc. India is facing the problem of co-existence of the conventional economic growth strategy and piecemeal efforts to make the economy ready to mitigate and adapt to the climate change issues. In the context of existing globalization, it was found that the existing production and consumption system cannot make the development a really sustained and sustainable one. Adopting the multi-dimensional Green concept is going to have ripple effects on employment, trade, agriculture, domestic industries, business pattern, which, accordingly, require extensive fiscal reforms, vigilance on changing international trade relations and trade patterns, skill development, indigenous research and development for resource efficiency, political stewardship, public awareness, etc. Judicious inclusion of sustainability factor into the ongoing economic decisions for boosting infrastructure and manufacturing can set things rolling for putting the Indian economy on the Green Economy path. The paper is a preview about green economy based on the available information, supported with similar example in other countries. While acknowledging the importance of development of strategies to adopt the principles of Green Economy in tune with stage of economic development, the paper indicates potential challenges faced by Green Economy (in India) that will need appropriate government interventions (Dutta, 2016) [1].

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The green economy model for India is a system dynamics model that has been customized to the national context in the structure of the model and input data. It also takes into account the key priorities for the country, incorporating primary and allied sectors affecting climate change at the national level. The model has been developed jointly by World Resources Institute India and KnowlEdge Srl (Switzerland); it is based on a Green Economy Model (GEM) published by Andrea M. Bassi (Bassi 2015). The GEM has also been used in other countries to explore low-carbon development pathways; the model is customized to the context in which it is applied. The model is intended to provide tools for making informed policy decisions that would take India to a low-carbon development pathway. This technical note focuses on the structure of the model, the motivation behind developing it, and the data and assumptions accompanying it.

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India is one of the fastest growing economies in the world and is moving ahead with developmental path, and process. The Sustaining a fast-paced growth rate and driving a comprehensive development requires addition of major infrastructures like Power, Road, Communication, and Transportation. To ensure inclusive growth infrastructure should also grow side by side but to ensure the sustainability that growth shall be in the form of Green way. The rapid industrialisation and anthropogenic activities have vitiated the atmosphere and ailments like Chronic Obstructive Pulmonary Disease (COPD), Cancer, and other vector-borne diseases have increased. Green House Gases (GHGs) that emits from coal-based combustions, vehicle exhaust, and irresponsible use of pesticides is causing a significant damage in the quality of atmosphere. The "Right to inhale fresh air" and the "Right for safe living on the Earth" shall be new demand of humanity. As a responsible leadership, The Government of India not only has become a signatory of Conference of Parties (COP-21) but also quickly and simultaneously implementing the eight points of India's Intended Nationally Determined Contributions (INDC). India recognises the need for sourcing the additional energy requirement mostly from the renewable sources like Solar, Wind, while balancing the gap through Advanced Ultra Super Critical Technology (AUSCT) to ensure the Green Growth. The obvious fallout of the above will increase the business opportunity in renewables in one hand and obsolescence of existing coal based thermal power generating plants on the other hand. Authors intend to indicate that innovation is going to convert the apparent challenges into new business opportunities through "Decommissioning", "Disposal" and "Logistics" while absorption of advanced technologies and compliance to stringer environmental norms will also open up new vistas of business, driving the growth wheel in a green way.

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Running a green business in India and other developing economies is indeed a challenging job for the producers involved in this business. In a green business environment, the company may re-design the product attributes since the usage of the harmful chemical may be prevented and scarce resources may not be exploited. The main objective of this case study is to assess the factors that are associated with running a green business in India and other developing economies. This case study also highlights the issues related to the green business. This case study is developed by using secondary data to assess the factors that influence green business. The secondary data was obtained from another exhaustive literature review of journals and internet sources. The developing economies strive hard to achieve green business since it has been a necessity for these countries to depend on natural resources. The important aspect here is developing countries depend on both the economic and social factors which have a major impact on environmental factors. Moreover, developing countries are mainly dependent on natural resources for their potential and growth so as to give stiff competition for the developed economies in a global market. In addition, many developing economies face challenges basically related to power, water, ecological problems, social and economic problems and also problems related to weather and climate change. The challenges associated with green business also depends on cost analysis, where it is quite expensive for a poor and developing economy to reach the initial cost too since the usage of basic technology is lacking. Moreover, the treatment for wastewater, water resource management, treatment for disposal of effluents and toxic waste are not successfully utilized. The developed economies need to import modern technology and technical knowledge from other countries because of the lack of their own technology and technical skills. Now a day’s many countries have the knowledge of green growth which thereby helps to improve the economic standards of the countries. The government has to take certain measures such as the provision of subsidies which may support the challenges of green growth and development. The short-term subsidies may not benefit more since it may hamper the production and demand by raising the price and cost. But as for the long term is considered these reforms may provide more effectiveness in productivity and thereby lead to changes in technologies.

The International Institute for Sustainable Development (IISD) contributes to sustainable development by advancing policy recommendations on international trade and investment, economic policy, climate change and energy, and management of natural and social capital, as well as the enabling role of communication technologies in these areas. We report on international negotiations and disseminate knowledge gained through collaborative projects, resulting in more rigorous research, capacity building in developing countries, better networks spanning the North and the South, and better global connections among researchers, practitioners, citizens and policy-makers. IISD’s vision is better living for all—sustainably; its mission is to champion innovation, enabling societies to live sustainably. IISD is registered as a charitable organization in Canada and has 501(c)(3) status in the United States. IISD

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