Green Economic Recovery of India: Scopes and Opportunities for Selected Key Sectors
The COVID-19 pandemic has created substantial social, economic, and environmental challenges for India. Along with higher mortality and morbidity, the pandemic has wreaked havoc on the national economy. In response, the government of India announced a COVID recovery budget focusing on a few priority sectors, followed by an annual budget for 2021-22. An analysis of these two budgets through the lens of natural capital showed the extent of budgetary allocation with the potential to create a positive or negative impact. Some existing gaps and opportunities were also identified. This policy brief brings key policy recommendations for the policymakers and the government to drive a green economic recovery in India.
The impact of the pandemic on the Indian economy
India has experienced substanal social, economic, and environmental challenges with the COVID-19 pandemic. In addion to mortality and morbidity, the pandemic has wreaked havoc on the Indian economy. Both demand and supplies have been impacted, external supply and demand restricons, because of the global recession and disrupon of global supply chains took place. According to the United Naons Conference on Trade and Development (UNCTAD, 2021), the COVID-19 pandemic is expected to cost India roughly USD 348 million in internaonal trade. Addionally, there have been domesc supply interrupons and a drop in domesc market demand. In 2020-21 the GDP of the country contracted by 7.3% (Choudhary, 2021)
