Climate Change and the Indian Economy – A Review

Abstract

India occupies an intriguing position in the context of climate change and economic development. Blessed with enormous resources (Forests, solar energy, etc.), but short of the capital and technical know-how, India’s journey to a net-zero carbon economy is a marathon. Immediate climate change policies like COP26 often meet reluctance and stress the economy. Climate change has inevitably started altering the climatic dimensions and is now causing substantial damage to the Indian economy. Yet, not aspiring an emission-less economy will hamper the development of the future. The energy demands often clash with climate-change policies. Agriculture too is affected by climate change, making half of the Indian population vulnerable. This paper presents an empirical study on the above-mentioned issues. The material and methods involve theoretical data extracted from the “Assessment of Climate Change over the Indian Region report 2020” issued by the Indian government and several other esteemed research papers. The objective of this paper is to highlight the climatic variations and how they leave an impact on the economy. At the same time, it presents suggestions to channel the climatic adversities and boost the economy. Adopting green goals and gradually shifting to a clean and green economy will hold the key with respect to India.