India’s Finance Minister Nirmala Sitharaman will present the Union Budget in Parliament on February 1, 2023. During the annual presentation, the Finance Minister said that the budget for the next fiscal year (2023-24) It will be inclusive and will put special emphasis on women, children, scheduled castes and scheduled tribes.
The Finance Minister has listed seven priorities for Budget 2023, including inclusive development, infrastructure and development, green growth and youth power.
Seven priority areas of the budget are: 1 Inclusive development, 2 Reaching the last mile, 3 Infrastructure investment, 4 Unleashing potential, 5 Green growth, 6 Youth, 7 Financial sector@nsitharaman #AmritKaalBudget #Budget2023 pic.twitter.com/BvjafCIwom
– All India Radio News (@airnewsalerts)
February 1, 2023
In this article, we will learn about green growth and its context in the Indian economy.
What is green growth?
In general, “green growth” refers to an economic growth strategy that prioritizes sustainable development and reduces negative environmental impacts. According to the Environmental Performance Index 2022, India was ranked 169 among 180 countries. The rankings were based on indicators such as waste management, air quality, biodiversity and habitat, fisheries, ecosystem services and climate change. India is the world’s fifth-largest economy, but its position in the index was worse than that of many smaller economies.
The World Health Organization also conducted a survey on air pollution in G20 economies. Of the 20 most polluted cities, 13 were in India.
Recently, India overtook China to become the most populous country in the world. The supply of natural resources is limited and India is drastically depleting its resources such as minerals, water and fossil fuels to meet demand.
However, this continued depletion will have a significant negative impact on the environment and the country’s economy. Environmental sustainability has become a major challenge in India’s projected growth trajectory.
Keeping this in mind, Finance Minister Nirmala Sitharaman announced that Budget 2023-24 will focus on seven key areas, including green growth. 35 billion rupees have been allocated for priority capital investments in the green energy transition.
In short, “green growth” refers to the country’s efforts to achieve economic development while protecting the environment and preserving natural resources for future generations. This involves promoting clean energy, reducing pollution, improving waste management and preserving biodiversity. The objective of green growth in India is to balance economic progress with environmental protection and promote sustainable development.
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Source: ptivs2.edu.vn