India's GDP to rise by $406 billion by 2050

New Delhi: India's GDP will rise by $406 billion by 2050 and more than 43 million jobs will be created, as the Asia's third-largest economy leaps towards a net-zero target, according to a report by Observer Research Foundation (ORF).

At the 2021 Climate Change Conference, also known as COP26, Prime Minister Narendra Modi outlined a net-zero emissions target by 2070 for India. Also, India is targeting to increase its low-carbon power capacity to 500 gigawatts (GW) by 2030, and meet 50 per cent of its energy requirements from renewable energy by 2030.

"India's net-zero carbon emissions target of 2070 is momentous and praiseworthy, but highly ambitious to say the least," an ORF statement said.

Structural changes and accelerants required to steer this transformation while balancing the twin goals of sustainability and development are detailed in the report 'Shaping Our Green Future: Pathways and Policies for a Net-Zero Transformation'.

The report, ORF said, is a compendium of essays that offers possible solutions to several pressing questions and aims to provide a roadmap for India's transition to a decarbonised and green

economy.

"The net-zero pathway will require committing to a legally binding net-zero target by a fixed year," said Jayant Sinha, Chairperson of the Standing Committee on Finance, in the report.