News | |||
|
|||
Sustainable Development Core to India’s Development Strategy; Substantive Economic Stimulus and Wide Ranging Economic Reform to Drive the same: Economic Survey |
|||
29-1-2021 | |||
Sustainable Development Core to India’s Development Strategy; Substantive Economic Stimulus and Wide Ranging Economic Reform to Drive the same: Economic Survey The 2030 agenda for Sustainable Development with 17 Sustainable Development Goals (SDGs) encompasses a comprehensive developmental agenda for India by integrating the social, economic and environmental dimensions. The Economic Survey for FY 2020-21, presented in Parliament today by Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, lays emphasis on this approach and asks for achieving equity not just across nations and within the nations but also across and within the generations, thereby countering the iniquitous impact of COVID-19 pandemic too. India and the SDGs The Survey states that India has taken several proactive steps to mainstream the SDGs into the policies, schemes and programmes of the Government. It mentions the following in this regard:
The Survey recognizes the challenges emerging on account of the unprecedented crisis due to COVID-19 pandemic and mentions that Sustainable development will remain core to the India's development strategy. Climate Change The Economic Survey says that India has been taking several proactive climate actions to fulfill its obligations as per the principles of common but differentiated responsibilities and respective capabilities and equity. It mentions some of the prominent government initiatives on mitigation and adaptation actions such as India’s National Action Plan on Climate Change (NAPCC), Jawaharlal Nehru National Solar Mission (JNNSM), Climate Change Action Plan (CCAP), National Adaptation Fund on Climate Change and implementation of Faster Adoption and Manufacturing of (Hybrid &)Electric Vehicle in India (FAME India) scheme. The Survey highlights the importance of finance being a critical enabler of climate change action as India’s NDC effectively commenced on 01.01.2021. It clearly states that an integrated approach is required at the domestic and international front to get the necessary resources essential for apposite climate action. The year 2020 was supposed to be the year by which developed country Parties were to fulfill the goal of jointly mobilizing US$ 100 billion a year for climate finance, an essential component of the commitments made by the developed countries, which has remained elusive. The postponement of COP26 to 2021 also gives less time for negotiations and other evidence-based work to inform the post-2025 goal. But it is clear that issue of achieving consensus on the definition of climate finance, transparency mechanism, common time frames and a long-term climate finance will continue to remain top priority in COP 26. Sustainable Climate Finance The Economic Survey highlights the importance of sustainable financing to meet the government’s development priorities and mentions few steps undertaken in this regard:
India is moving in the direction of creating a Social Stock Exchange (SSE), under the regulatory ambit of SEBI for raising capital by Social Enterprises working for the realization of a social welfare objective. The Survey mentions India being the second largest green bond market among the emerging markets after China. In 2017, to give push to Green Bonds issuances in India, SEBI issued guidelines on green bonds including listing of green bonds on the Indian stock exchanges. As of 24th December, 2020, eight ESG mutual funds have been launched in India. India’s initiatives at the international stage The Survey mentions the initiatives taken by India at the global stage to foster the sustainable model of development and have disaster resilient infrastructure at the disposal of citizens:
|
|||