Artha: Journal of Business and Finance

Sustainable Development through Green Economy:The Indian Outlook

Debasish Biswas

Ramnagar College

Sudipta Ghosh

P.K.College, East Medinipur

Keywords: Environment, Green Economy, Green Growth, Sustainable Development

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Abstract

An economic situation that contributes to lowering carbon emissions in the environment is known as a "Green Economy." The green economy aims to reduce environmental risk and re- source scarcity while improving human well-being and social justice. It is a substitute for the existing economic model, which may result in inequality, resource scarcity, and environmental hazards. In recent years, one of the main concepts on the global agenda for sustainable development is the green economy. A sustainability report commissioned by the British Government in 1989 was the first to discuss the idea. However, it wasn't until the global economic crisis of the late 2000s that the economy gained international recognition as a recovery strategy that pri- oritised green job creation, climate change mitigation, and gen- uine investment. India's faster growth over the past few decades has created more job opportunities and lifted millions out of poverty. How- ever, deteriorating environmental conditions and a rising lack of natural resources have cast a shadow over India's im- pressive growth record. Environmental threats are diverse and generated by both poverty and prosperity, reflecting the size and diversity of its economy. Businesses and the Government must work together to help India for a transformation to circular economy. The green economy is given a lot of weight in the global sustainable development agenda. India’s strong eco- nomic expansion over the past few decades has raised living standards and produced job possibilities. However, resource depletion and environmental deterioration limits are useful from the view point of social development. Hence, significant progress towards a green and decarbonised economy is neces- sary for the society. In this context, the study attempts to find out the sustainable development strategies for green growth in Indian economy

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Author Biographies

Debasish Biswas, Ramnagar College

Dr. Debasish Biswas is an Assistant Profes- sor (Stage II) in the Department of Com- merce at Ramnagar College, West Bengal, India. He holds a Ph.D. from Vidyasagar University with research focused on mutual funds in India and an M.Phil. from the Uni- versity of Calcutta. With over 12 years of undergraduate teaching experience, his areas of specialization include Banking and Finance. He has published research arti- cles in national and international journals, presented papers at academic conferences, and edited research books, including In- sight: A Collection of Research-Oriented Essays (Volume I).

Sudipta Ghosh, P.K.College, East Medinipur

Dr. Sudipta Ghosh is an Associate Profes- sor in the Department of Commerce (UG & PG) at Prabhat Kumar College, Contai, af- filiated with Vidyasagar University, West Bengal, India. He holds a Ph.D. from Vidyasagar University with research fo- cused on the Indian Power Sector and is an Associate Member of the Institute of Cost Accountants of India (ICMAI). With over 19 years of teaching experience, including postgraduate teaching, his research interests include commerce, finance, and the power sector. He has published extensively in reputed journals, edited academic books, and presented re- search at national and international conferences

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