Union Budget 2023: What is Green Growth?
Indian Finance Minister Nirmala Sitharaman is presenting the Union Budget in Parliament on February 1st, 2023. During the annual presentation, the Finance Minister said that the budget for the next fiscal year (2023–24) will be an inclusive one that will put special emphasis on women, children, scheduled castes, and scheduled tribes.
The Finance Minister has listed seven priorities for the 2023 Budget, including inclusive development, infrastructure and development, green growth, and youth power.
Seven Priority area of Budget are:— All India Radio News (@airnewsalerts) February 1, 2023
1 Inclusive development
2 Reaching the last mile
3 Infrastructure investment,
4 Unleashing the potential
5 Green growth,
7 Financial sector@nsitharaman #AmritKaalBudget #Budget2023 pic.twitter.com/BvjafCIwom
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 a strategy for economic growth that prioritizes sustainable development and reduces negative environmental impacts. According to the Environment Performance Index of 2022, India ranked 169th out of 180 nations. The rankings were based on indicators such as waste management, air quality, biodiversity & habitat, fisheries, ecosystem services, and climate change. India is the 5th largest economy in the world, yet its standing in the index was worse than many smaller economies.
The World Health Organization also conducted a survey on air pollution for the G20 economies. Out of the 20 most polluted cities, 13 were in India.
Recently, India overtook China and became the most populous country in the world. Natural resources are limited in supply, and India is drastically depleting its resources like minerals, water, and fossil fuels to meet demands.
However, this continuous depletion will have a significant negative impact on the environment as well as the nation’s economy. Environmental sustainability has become a major challenge in the trajectory of India’s projected growth.
Keeping this in mind, Finance Minister Nirmala Sitharaman has announced that Budget 2023–24 will focus on seven key areas, including green growth. Rs 35,000 crore has been allotted for priority capital investment in the green energy transition.
To sum up, "green growth" refers to the country's efforts to achieve economic development while also protecting the environment and preserving natural resources for future generations. This involves promoting clean energy, reducing pollution, improving waste management, and preserving biodiversity. The goal of green growth in India is to balance economic progress with environmental protection and to promote sustainable development.