Balancing Growth: India's Economic and Environmental Goals

India's GDP growth is projected to be 6.5-7% in 2024-25, down from 8.2%. Efforts over the last decade, such as infrastructure development and financial inclusion, support this growth. Investment should focus on renewable energy technologies to balance economic growth with environmental sustainability.

India is aiming for a GDP growth rate of 6.5-7% for the fiscal year 2024-25, according to Chief Economic Advisor V Anantha Nageswaran. The growth rate marks a decline from the previous year's 8.2% but is deemed achievable thanks to a decade of strategic developments in infrastructure and financial inclusion.

Speaking at the IVCA's GreenReturns Summit, Nageswaran highlighted the necessity for targeted investments, especially in sectors addressing the challenges of intermittency in renewable energy. He underscored the importance of investing in grid capabilities and technologies to manage the inconsistency of energy supply from solar and wind sources.

With less than 50 years to meet India's net-zero carbon emissions target by 2070, Nageswaran called for a complex but collaborative approach to harmonize economic aspirations with environmental responsibilities. His remarks pointed to ongoing strategies while stressing the need for greater teamwork in achieving sustainable growth.

(With inputs from agencies.)