Application of Economic Tools in Environment: A Step towards Sustainable Development and Green Economy in India

Divyanshu Gupta
Symbiosis Law School, Pune, India.

Volume III, Issue V, 2020

Over the past few years, every country is tackling environmental degradation, and India is one of the few countries in the World whose economic growth has tremendously increased. This economic growth has given rise to many employment opportunities, the establishment of industries, rapid urbanization, commercialization, etc. But India’s remarkable economic growth has been recognized through degradation and pollution of the environment, ecological imbalance, water scarcity etc. Considering the size and diversity of its economic structure, environmental risks are far-reaching at its heights. The term ‘Green Economy’ has been capturing around the entire world where every country is now focusing on environmental issues, adopting a green economy as its fundamental economy, and working towards sustainable development. India so-far is facing the difficulty of co-existence of the conventional economic growth strategy and slow effort to mitigate and adapt to the climate change issues. In the present scenario, shutting down industries or reducing the production system will ripple the Indian economy for the sake of tackling climate change. Adopting the multi-disciplinary Green approach will have negative effects on employment, trade, agriculture activity, business pattern, which requires, new policies, fiscal reforms, international trade relations and trade patterns with the other countries, skill development program, extensive research, development of resource efficiency. Framing of policies of manageability factor into the continuous financial choices for boosting framework and assembling can set things moving for putting the Indian economy on the Green Economy way. This article will deal with how one can apply economic tools in the field of environment attaining sustainable development. Later, the author has given suggestions which can be adopted in India so that there is a check and balance on sustainable development and economic development. Lastly, the article will end with the conclusion.

Keywords: Green Economy, Sustainable Development, Environment, climate, policy.