Economic growth Vs. Environmental Sustainability: Striking a Balance

As stated by Phil Harding, “Without environmental sustainability, economic stability and social cohesion cannot be achieved”.

Needs for resources are significantly increasing because of the rapid expansion of several organisations and population in India. People pursuing a BA Hons Economics should know the vitality of such a concept in the country. Managing the growth of the economy with environmental sustainability simultaneously is a complex task. Here are some factors we’ve studied that are making the gap between such applications.

• Lack of aligned goals between sustainability teams and financial departments
• Insufficient financial resources
• Water scarcity affecting long-term business strategies

According to Forbes, India's nominal GDP for the fiscal year 2022–23 is projected to reach $3.30 trillion. It also shows that India will achieve a capacity of 175 GW of renewable energy by the year 2022. It is the best example for other countries to obtain economic growth with sustainability.

One must take responsibility for utilising and managing resources in such a manner to attain higher growth from economic and environmental perspectives. BA Hons Economics from top universities of India will assist you in choosing the right career opportunities.

What is the Motive for this Blog Post?

Here in this passage, we’ve conducted a comparative analysis of two vital concepts which are economic growth and environment sustainability that will further increase your potential to compete. This blog post also aims to deliver information about Bachelor of Arts Honours Economics at Manipal University Jaipur.

Economic Growth vs. Environmental Sustainability

Here is an effective comparison conducted by us which will help in obtaining useful outcomes. Let’s tabulate the comparison for your better understanding.

In the above table, you learned about the difference between economic growth and environmental sustainability. You have to explore the best liberal arts colleges for economics in India to obtain a degree and expertise in economic and environmental fields.

Role of the Private Sector

Role of the Private Sector Industries and companies across the private sector of India play a vital role in the rapid increment in economic growth and environmental sustainability. Roles are categorised in both of these concepts below.

In Economic Growth

• As per the World Economic Forum, with the help of the private sector’s contribution Indian economy is projected to grow at the rate of 7.74% during the year 2024.
• Around 11-12 million youth enter the labour force every year which is now being tackled by the private sector in India
• Top universities of India’s private sector are preparing students to utilise their skills in the country for economic growth and career progression.
• Private companies are offering in-house training programmes to improve individuals’ ability as per the industrial needs.
• More than 80% of the total working force is currently employed in private organisations.

In Environmental Sustainability

• India and Sustainability Standard 2017 was a conference organised by the centre to highlight issues, resolutions and actions related to sustainability.
• Private companies and investors have been focusing on environmental and social concerns since 1972 in India.
• United Nations’ Sustainable Development Goals (SDGs) are also implemented by the private sector in India to foster environmental protection initiatives.
• Companies such as Anand Automotive Pvt Ltd and Malabar Gold Pvt Ltd are aiming to become net zero by the year 2050.

An in-depth understanding of the private sector’s role in economic growth and environmental sustainability offers you the potential to explore occupational opportunities.

Balancing

In this era, maintaining a harmonious balance between economic growth and environmental sustainability remains one of the challenges. Here you can see the measures in India for striving to strike a balance among these significant aspects.

• Renewable energy transitions
• Environmental regulations
• Urbanisation
• Afforestation

Therefore, you can learn the balancing procedure by developing expertise in the fields. Being an environmentally sustainable personality is precious for individual and economic development. Balancing economic growth and environmental sustainability has attained rapid popularity across the globe.

BA Hons Economics at Manipal University Jaipur

Students who pass 10+2 from any authorised board or institution are eligible to be admitted to BA Hons Economics at Manipal University Jaipur. Some key pointers you have to acknowledge are provided here.

• Despite learning, students can become accustomed to practical knowledge of computer systems and relevant software.
• MUJ is charging Rs 248000 from students who are going to take admission in BA Hons Economics.
• Experienced and qualified faculty members of Bachelor of Arts Honours Economics at Manipal University Jaipur boost the communication skills and paper writing of the students.
• This 3-year program includes practical and theoretical economic concepts that will boost your career progression.
• Therefore, after completing your graduation degree in BA Hons economics you can go for career options such as economist, research associates, teacher, administrative jobs and MNCs. It will be the best decision for your career growth in the field of economics.

Conclusion

The comparative analysis presented in the above blog post reflects the need for innovative solutions for creating a healthy planet. Therefore, multiple organisations are adopting sustainable objectives to perform environmentally friendly practices for economic growth. We also studied that BA Hons economics at Manipal University Jaipur is an apt choice for boosting career progression.