India's GDP To Rise By $406B By 2050 In Net-Zero Scenario

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). 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. Structural changes and accelerants are required to steer this transformation while balancing the twin goals of sustainability and development. "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. "This, in turn, will thoroughly transform electricity generation, transportation, construction, real estate, agriculture, cement, steel, and many other industries – a largely private-sector transformation, driven by private-sector capital. Massive green investments will likely drive fast economic growth and create high-quality jobs. Net Zero will prove to be a Net positive for India,” he added. According to the quantitative modelling conducted on decarbonisation pathways for the Indian Economy, the GDP in 2050 is projected to be up by $406 billion in the net-zero scenario. In the process, 22 million more jobs will be created by 2030 and 43 million more jobs by 2050, ORF said. The net positive impact is mainly due to three factors: fresh, additional investments in new technologies and capacities; cheaper Renewable Energy, transport and maintenance and operation expenses; and a net increase in demand induced by consumption and employment, said Varun Aggarwal, Senior Program Associate Climate, World Resources Institute India.