Global think tank Observer Research Foundation (ORF) claimed in a report released on Thursday that if India achieves the target of zero carbon emissions by 2050, the size of its economy will increase by Rs 30.25 lakh crore. This will also create 4.3 crore jobs.
Prime Minister Narendra Modi said at the Glasgow Climate Summit recently that India will become a zero-carbon country by 2070. Not only this, by 2030 we will get 50 percent of our energy needs from renewable sources (solar, wind).
Taking a big step in this direction, India will also increase its low-carbon power capacity to 500 GW by 2030. Jayant Sinha, chairperson of the Standing Committee on Finance, said that to achieve the goal of zero carbon emissions, we have to take strict legal steps as well.
For this, power generation, transport, construction, real estate, agriculture, cement, steel and other industries, especially the private sector, will have to play a big role.
Will achieve 10% growth rate with strong performance of agriculture sector: NITI Aayog
Rajiv Kumar, vice-chairman of the government’s think tank NITI Aayog, has said that India can achieve a growth rate of more than 10 percent in 2021-22 due to the bumper production of Rabi after Kharif. He expressed concern about inflation and said that due to the continuous increase in the prices of major energy sources like petrol and diesel, there will definitely be some pressure on the global economy moving towards sustainable development.
However, India will get the support of the agriculture sector and manufacturing will also pick up due to increased demand from the rural sector. In his article titled Arthaniti, Kumar said that the economy is getting the benefit of the boom in exports, which will also help in employment generation.
Data showing signs of improvement
Manufacturing PMI 53.7
Service PMI 55.2
GST Recovery 1 Lakh Crore (Average)
E-way bill 7.5 crore
Electricity consumption 114 billion units
Basic production 11.6%
India’s current deficit will be 3.35 lakh crore by March
India’s current account deficit (CAD) will widen to $45 billion (Rs 3.35 lakh crore) by March due to a steady rise in crude oil prices. This would be around 1.4 per cent of GDP.
British brokerage firm Barclays quoted a report as saying that India’s trade deficit has been increasing continuously since July. The average trade deficit till June was $12 billion, which has increased to $16.8 billion by October. In September, there was a record trade deficit of $22.6 billion. The firm had earlier estimated a CAD of $35 billion.