India’s GDP growth makes the switch to eco-friendly path
Live MintIndia’s “green gross domestic product” has turned a corner in the 21st century by growing faster than traditional GDP as the country took measures to cut carbon emissions, improve resource use efficiency and boost clean energy capacity, a recent Reserve Bank of India paper said. Growth track Green GDP adjusts the conventionally calculated GDP for the environmental costs of economic growth. The green GDP formula starts with annual GDP at 2015 prices, from which it subtracts various damage costs to the environment each year while adding the expenditure by the government on environmental protection. However, since 2009, India’s green GDP ratio has mostly seen an upward trend, indicating a greater emphasis on maintaining a healthier balance between the country’s growth aspirations and environmental protection.