Indian 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 financial year (2023 –24) will be a comprehensive and highly focused budget. on women, children, scheduled castes and tribes.
The Finance Minister has listed seven priorities for Budget 2023, including inclusive development, infrastructure and development, green growth and youth power.
The seven priority budget areas are:1 Inclusive development 2 Reaching the final mile3 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 minimizes negative impacts on the environment. According to the 2022 Environmental Performance Index, India ranks 169 out of 180 countries. The rankings are based on indicators such as waste management, air quality, biodiversity and habitat, fisheries, ecosystem services and climate change. India is the fifth largest economy in the world but its position in the index is worse than many smaller economies.
The World Health Organization also conducted an air pollution survey for the G20 economies. Of the 20 most polluted cities, 13 are in India.
Recently, India surpassed China and became the most populous country in the world. Natural resources are limited in supply and India is severely depleting resources such as minerals, water and fossil fuels to meet demand.
However, this continued depletion will have a significant negative impact on the environment as well as the national 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. Rs 35,000 crore has been allocated for priority capex in the green energy transition.
In short, “green growth” refers to the country’s efforts to achieve economic development while protecting the environment and conserving 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 promote sustainable development.
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Source: pagasa.edu.vn