Representative image
NEW DELHI: India’s green economy could attract $4.1 trillion (Rs 360 lakh crore) in cumulative investments and create 48 million (4.8 crore) ‘full-time equivalent’ (FTE) jobs by 2047, an independent study released by the Council on Energy, Environment and Water (CEEW) said.The analysis also projects that India could unlock a $1.1 trillion (Rs 97.7 lakh crore) annual green market by 2047.“This first-of-its-kind national assessment identifies 36 green value chains across energy transition, circular economy, bio-economy and nature-based solutions that together represent a defining green economic opportunity for India’s journey towards ‘Viksit Bharat’,” said the study released last week.CEEW also launched Green Economy Council (GEC), a group chai-red by former G20 sherpa and former Niti Aayog CEO Amitabh Kant to help India recognise and realise emerging green economic opportunities. Other members of GEC include Prof Ashok Jhunjhunwala of IIT Madras; Srivardhini K Jha of NSRCEL, IIM Bangalore; and Arunabha Ghosh, CEO of CEEW.“Pursuing a green economy will not just create jobs and economic prosperity for India. It will also help us secure the fuels and resources of the future, making us ‘Atmanirbhar’,” said Abhishek Jain, director, green economy & impact innovations, CEEW.The analysis of the study showed that energy transition alone could generate 16.6 million FTE jobs and attract $3.8 trillion in investments across renewables, storage, distributed energy and clean mobility manufacturing.It underlined that electric mobility would be the single-largest employer within the green economy, driving over 57% of all energy-transition jobs whereas bio-economy and nature-based solutions, anchored in India’s rural and peri-urban landscapes, could create 23 million jobs and $415 billion in market value. “Top job-generating value chains within this segment include chemical-free agri and bio-inputs, agroforestry and sustainable forest and wetland management,” it added.In addition, the circular economy could generate $132 billion in annual economic output and create 8.4 million FTE jobs across waste collection, recycling, repair, refurbishment & material recovery.“Together, these opportunities represent one of India’s largest untapped economic opportunities, with deep linkages to micro, small and medium enterprises (MSMEs), cooperatives and community enterprises,” said the study.
