NITI Aayog has released three study reports on Scenario towards Viksit Bharat and Net Zero focusing on an overall roadmap, macroeconomic implications and financing needs.
- Viksit Bharat 2047: Envisions making India a developed country and a USD 30 trillion economy by 2047.
- Net Zero Emission Target: India has committed to achieving Net Zero greenhouse gas emissions by 2070.
Key Macroeconomic Implications
- GDP Resilience, High Investment Need: Net Zero has limited long-term GDP impact.
- Shift to Investment-Led Growth: Economy structurally rebalances from consumption-led to capital-intensive growth under Net Zero pathways.
- Industrial Expansion: Industry GVA rises to ~33% by 2050 driven by clean energy and manufacturing.
- Fossil fuel-based manufacturing is projected to contract.
- Employment Reallocation: Jobs shift from fossil fuels to renewables, construction, transport and clean manufacturing, with net employment effects modest.
- Reduced Import Dependence: The fuel import bill is projected to drop from 4% of GDP today to 0.2% by 2070
Policy Suggestions
- Civilisational Sustainability: Scale traditional low-carbon practices via Mission LiFE, circular economy and efficient design to redefine development around well-being and resilience.
- Net-Zero Infrastructure Push: Frontload public investment in grids, urban infra, EVs and logistics, leveraging blended finance and bankable project pipelines.
- Green Jobs Mission: Promote labour-intensive green sectors with targeted reskilling and a Green-Digital Skills Stack for future readiness.
- Green R&D Boost: Increase public-private R&D to global benchmarks to accelerate clean-tech innovation and deployment.
- Institutional Strengthening: Reform DISCOMs and energy institutions, simplify regulations and enable single-window clearances for faster transition.
