IS AN ECONOMIC BOON BECOMING A BANE FOR INDIA?

Abstract

Throughout human history, key discoveries help us to gain major economic and social upliftment, which often comes up with the environmental degradation. This study examines the trajectory of economic growth of India in three phases, first during 1980-2000, where the Indian economy saw a rise in liberalisation, privatisation, and globalisation policies, which created an atmosphere of increased foreign investment. Second phase started in the 2000-2020 where the economy saw an unprecedent growth in real GDP growth rate of nearly double digit. And third phase started 2020 onwards where the Indian economy suffers immensely from Covid-19.

Although each phase proves to be a golden age for the overall development of an economy, one common feature that can be taken out is the environmental degradation. This paper aims to study the level of degradation by taking case studies of river Ganga, Gangotri glacier and forest cover of the western ghats.

The paper aims to focus on key sectors like information technology, energy, telecommunication, etc. as these sectors were the pillars of economic growth for India. The study emphasises on the need for a change in thinking in economic model of India which also includes sustainable practices. In this direction, policy makers must incorporate a critical question when formulating any forthcoming economic policy: does the proposed policy consider environmental concerns or not?