As the country strives towards its ambition of becoming a $5 trillion economy, it is not just foreign and domestic investments key in drivers of growth. India could gain $11 trillion (810 lakh crore) in economic value in the next 50 years by and realizing its potential to “export decarbonisation” and limiting the rising global temperatures, according to a recent report from Deloitte Economics Institute. To materialize the decarbonisation benefits, India has to minimize its energy dependence upon fossil fuels.
If the country succeeds in deploying resources towards decarbonisation then it would equate to a GDP growth of 8.5% by 2070, and about a $4 trillion gain in economic output. Failing to move to low-emission fuels and reduced dependence on fossil fuels could result in a massive loss of around $35 trillion across various sectors by 2070.