NEW DELHI: The Economic Survey 2023-24 tabled in the Parliament by Finance Minister Nirmala Sitharaman anticipates a 2 to 2.5 times increase in energy needs by 2047 to support economic growth. The report also highlighted that India faces challenges in balancing energy transition with other developmental priorities
The survey mentioned a recent report by the International Finance Corporation (IFC) and reveals that India has intensified its efforts in combatting climate change with a robust mission-mode approach, aiming to lead by example among G20 nations.
The decrease in retail inflation in FY24 was driven by a fall in core inflation- both goods and services. Core services inflation eased to a nine-year low in FY24, while core goods inflation also declined to a four-year low.@nsitharaman @nsitharamanoffc @narendramodi… pic.twitter.com/Oa25S4slvM
— The New Indian (@TheNewIndian_in) July 22, 2024
India has also achieved significant milestones in renewable energy and energy efficiency, underscoring its commitment to reducing carbon emissions. As of May 31, 2024, non-fossil sources contribute 45.4% to the country’s installed electricity generation capacity. Moreover, India has successfully lowered the emission intensity of its GDP by 33% from 2005 levels by 2019.
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Recognizing the pivotal role of energy efficiency in bolstering clean energy transitions and ensuring energy security, the Indian government has implemented several measures. Initiatives like sovereign green bonds, amounting to ₹36,000 Crore between January 2023 and December 2023, have been pivotal in funding public sector projects aimed at reducing economic emissions intensity.
India’s Mission LiFE initiative has emerged as a nationwide movement promoting sustainable living through conservation and moderation principles. The Green Credit Programme (GCP), part of this initiative, incentivizes participation in environment-positive activities among individuals, communities, and industries through green credits.
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1. Deliberate focus on boosting private investment
2. Strategic priority on growth & expansion of India’s mittelstand (MSMEs)
3. Recognise potential of agri as an… pic.twitter.com/F4XeSspN83
— The New Indian (@TheNewIndian_in) July 22, 2024
India has taken proactive steps on the global stage, leading initiatives such as the International Solar Alliance (ISA), One World, One Sun, One Grid (OSOWOG), and the Coalition for Disaster Resilient Infrastructure (CDRI). These efforts underscore India’s commitment to global climate resilience and mitigation.
India’s proactive stance towards climate change reflects its determination to balance economic growth with environmental sustainability. As the nation continues to advance in renewable energy adoption and environmental conservation, collaborative efforts on both national and international fronts remain pivotal in achieving long-term climate goals.
The ongoing initiatives and policies highlight India’s role as a key player in global climate action, emphasizing the importance of sustainable development practices for a resilient future.