Question

how is economic growth linked with poverty reduction in India

Answer 1

Whether economic growth necessarily reduces poverty has been a controversial issue. As pointed out above, it was first generally believed that benefits of economic growth would trickle down to the poor and thus alleviate poverty in the economy. This trickle-down effect of economic growth was thought to operate through an increase in employment opportunities and rise in real wages as a result of increase in productivity of workers.

The favourable employment effect of economic growth depends on employment elasticity of output growth. The rise in real wages was thought to occur as a result of rise in wages of workers employed in agriculture and non-agricultural sector, both organised and informal.

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Answer 2

India is firmly set on a path of economic growth that is estimated to usher in prosperity like never before. This economic prosperity will need to be built on the back of significant transformations across several facilitating elements, the primary ones being infrastructure build-out,energy availability and sustainability. India’s per capita energy consumption currently is almost one-third the global average, and trails far behind the mean figure for the developed world. Our energy consumption is largely based on coal, along with a preponderant dependence on other fossil fuels. Although per capita energy consumption has more than doubled over the past 15 years, almost 240million people do not have access to affordable energy supply today.Energy consumption in India has grown at a compound annual growth rate of about 6% during the last decade.BP Energy Outlook 2035expects India to achieve the fastest energy consumption growth amongall major economies, despite rapid increases in non-fossil fuel production. Thetotal energy consumption is expected to grow by 128% by 2035. Demand for gas is expected to expand by 155%, followed by coal (121%) and oil (118%), while demand for renewables, nuclear and hydro are estimated to rise by 656%, 334%, and 99%, respectively (see chart). Our potential clearly positions us as the leading global driver of growth in energy consumption in the next 20 years, possibly surpassing China in the process. Even under the most sombre growth scenarios, it is fully expected that India’s growth ambitions willlead to a 100% increase in energy consumption, thereby requiring double the existing energy sources.On the supply side, India is significantly dependent on coal as a primary fuel, which accounts for 58% of the energy consumption in the country. It is estimated that we have one of the largest resource bases of coal, with the policies and gains of the past few years positioning us strongly for the future. It is expected that India will be the largest consumer of coal, equivalent to over 435 million tonnes of oil by 2035. According to current estimates with respect to oil and gas, India is home to only 0.3% of the world’s sedimentary basins. Further, we account for a mere 0.3% of the global oil and 0.8% of the global gas reserves. We are, however, blessed with abundant natural resources inthe form of sun and wind. The total wind potential in the country is estimated to be over 30 times the current installed capacityof 27 gigawatts (GW), while our solar potential is expected to grow by about 90 times the current installed capacity of 8GW. Already, the government has an aggressive target of 60GW of wind capacity and 100GW of solar capacity by 2022.