India is poised to achieve a GDP growth rate of 6.5%-7% for the fiscal year 2024-25, according to Chief Economic Advisor Mr. V. Anantha Nageswaran. Speaking at the IVCA's Green Returns Summit, he underscored the nation's remarkable progress in infrastructure development and financial inclusion over the last decade as pivotal factors driving this optimistic outlook.

Building a Foundation for Growth

Over the past ten years, India has significantly enhanced its physical infrastructure and improved access to financial services, ensuring more inclusive participation in the economy. This growth trajectory aligns with the projections outlined in the Economic Survey, which identifies India’s potential GDP growth rate within the range of 6.5%-7%.

The Chief Economic Advisor emphasized that this robust foundation positions India well to address the dual challenges of economic expansion and environmental sustainability.

Renewable Energy Challenges and Strategic Investments

India has been a global advocate for renewable energy solutions, aiming to balance its growing energy needs with environmental conservation. However, Mr. Nageswaran highlighted critical challenges in this sector, such as:

• Rising costs associated with recycling solar panels and wind turbine waste
• The need for advancements in grid infrastructure to accommodate variable renewable energy supplies

Rather than focusing solely on expanding solar and wind energy capacity, he advocated for investments in grid capabilities and adaptive technologies to ensure consistent and reliable energy distribution.

Balancing Growth and Sustainability

India has set an ambitious target to achieve net-zero carbon emissions by 2070, a goal that necessitates a careful balancing act between rapid economic growth and environmental sustainability. With 45 years remaining to achieve this milestone, the focus must remain on:

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• Sustainable energy solutions that minimize environmental impact
• Fostering innovation in green technologies
• Ensuring that economic policies address both development and ecological preservation

Driving Inclusive Economic Progress

The Chief Economic Advisor stressed that sustained GDP growth must be inclusive, leveraging India’s advances in financial inclusion to empower underserved populations. Initiatives promoting access to banking services and digital payment systems have been instrumental in fostering economic participation across rural and urban sectors.

The Road Ahead

India’s ability to sustain its GDP growth rate hinges on a holistic approach that integrates economic development with environmental responsibility. Strategic investments in renewable energy, enhanced grid infrastructure, and policies promoting inclusive growth will play a crucial role in achieving these goals.

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