Question

An article on economic impact due to over utilization of natural resources

Answer 1

Over utilisation of natural resources has a negative impact on the economy of a country. The first such natural resource that should be conserved is bio-fuel. As we go on using up our reserves of coal and petroleum, a day will come when we are not left with any stock of these. I agree our import bill for crude petroleum is rising by the day, leading to a severe drain on our foreign exchange reserves. To prevent this, alternative fuels, like water, hydrogen gas or hydrogen peroxide must be developed. Alternatively, solar power should be harnessed in running our cars and buses.

The other category of natural resource that should be conserved are those that are in the form of ores, which we export to other countries for their gain. We should instead obtain technical knowledge of their use by Indian industry and encourage investment in sectors where those natural resources can be used in our own country. If this step is adopted, value addition is done;this would enrich the Indian economy.

There is one other problem with lack of control over our natural resources. Illegal and unregulated mining has led to theft of resources such as coal and iron ore. This area calls for the immediate attention of the Government, failing which we'll see a quick depletion of our scarce resources.

Therefore, regulations should be put in place so that we do not fritter away our natural resources and usher in economic disaster.