A step towards green economy and green growth for sustainable development in India

Abstract

The term "green economy" has become increasingly popular worldwide, leading many countries to prioritise environmental issues and adopt it as their primary economic model. India is one of the few nations experiencing rapid economic growth while also focusing on sustainable development. "Green growth" refers to the promotion of economic expansion while ensuring natural resources continue to provide crucial environmental protection. India's Union Budget 2023–2024 prioritises green growth, aiming a transition to green economy with ecologically responsible agriculture and sustainable energy. The green economy concept places an emphasis on environmental conservation in addition to financial benefits to produce more robust and sustainable economies. The green economy seeks to do away with or drastically lower this development cost. The environment and natural resources need to be conserved because they are the most valuable assets. According to proponents of the green economy or low-carbon economy, environmental preservation should play a significant role in the development and implementation of all economic policies. Environmental dangers hinder economic progress since it has a detrimental effect on both society and the environment. This research paper provides an understanding of the terms "green economy," "green growth," and "sustainable development." It also discusses how major economic sectors are transitioning to a green economy, as well as the potential and problems that India faces. India could lead the world in green growth and economic development to attain sustainable development.