How can we achieve economic growth while protecting the environment and relationship between economic growth and environmental quality?
Respected Sir
Rk Naresh
Achieving economic growth while protecting the environment requires a comprehensive approach that integrates sustainability principles into all aspects of economic activity. Here are some strategies to achieve this balance and improve the relationship between economic growth and environmental quality:
By adopting these strategies and approaches, societies can pursue economic growth while safeguarding the environment and improving overall environmental quality for present and future generations. It requires a holistic perspective that recognizes the interdependence of economic prosperity, environmental sustainability, and human well-being.
A switch from fossil fuel-based to low-carbon energy sources can help sustain the same or even higher levels of production while reducing emissions, thereby enabling the decoupling of growth from emissions. Some of the possible ways to balance economic growth and environmental protection in India are: Adopting clean and renewable energy sources. Implementing environmental accounting and valuation and enhancing environmental compliance and regulation. Where environmental quality directly affects human welfare, higher incomes tend to be associated with less degradation. But where the costs of environmental damage can be equalized, economic growth results in a steady deterioration of ennmental quality. Environment provides land, water, air, energy resources, coal, oil, forests, minerals and metals and so many other natural resources which are essential for the economic development of the economy. Protecting the environment is more important than economic development because of its negative impact on the environment and human health. However, sustainable economic development is possible if it does not negatively impact the environment. Environmental protection itself contributes to economic growth. In a long run, environmental protection can play a certain role in promoting the improvement of industrial structure and energy consumption structure in the process of economic development and can engage higher quality economic development.Sustainable development aims at promoting the kind of development that minimizes environmental problems and meets the needs of the present generation without compromising the ability of the future generation to meet their own needs.There is a view that rising incomes imply that the value of statistical life or health damage caused by environmental degradation is greater. This would imply increases in marginal benefits as incomes rise.