Decline of natural capital and economic growth of india
Answers
Answer:
As per World Bank Report India suffered a cost of $550 billion i.e., 8.5% of GDP due to air pollution.
So when we crow about GDP growth, we should also consider the decline in natural capital in our national accounts.
What is the issue?
Development sans environmental preservation is a mirage.
Hence, India must calculate its “Green GDP” to factor in the value of the environment in its growth.
What are the drawbacks of development?
As per the World Bank report it cost India about $550 billion which is 8.5% of its GDP, due to air pollution.
Experts have also vouched that the cost of externalities due to water pollution and land degradation were possibly far higher.
Our disregard for environment in pursuit of advancing economic development is raising the risk of desertification and land degradation significantly.
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