More Stories

Informist, Friday, Jan. 31, 2025

--EconSurvey: Climate change, water scarcity major obstacles for agri sector 

--EconSurvey: Climate change, water scarcity issues need focused intervention 

--EconSurvey: Need strong adaptation strategy amid climate change risks 

--EconSurvey: Must build resilience vs climate-induced setbacks to aid growth 

NEW DELHI - The Economic Survey for 2024-25 (Apr-Mar), tabled in Parliament by Finance Minister Nirmala Sitharaman on Friday, noted that challenges such as climate change and water scarcity threaten the stability of India's agricultural sector and require targeted, region-specific interventions.

The survey document highlighted that while the agriculture sector has shown remarkable resilience, with stable growth fostered by government initiatives, promoting agricultural practices tailored to local agro-climatic conditions and available resources is crucial. Investment in research, climate-resilient crop varieties, and water-efficient technologies like micro-irrigation can yield long-term benefits. Additionally, the integration of digital tools into farming practices could enhance productivity, helping the sector adapt to evolving environmental conditions, it said.

Simultaneously, the country faces the twin challenges of fostering economic growth while mitigating climate change. The survey said achieving this balance requires global cooperation, particularly in supporting sustainable development in developing economies.

Central to this challenge is the nation's energy transition, with a clear focus on reducing reliance on fossil fuels. The country has made significant strides toward a sustainable energy future, achieving an installed electricity generation capacity of 213,701 megawatts from non-fossil fuel sources as of November, representing 46.8% of total capacity, the survey said. India aims to increase this share to 50% by 2030, with renewable energy sources, nuclear, and hydro contributing steadily to this progress. In 2022-23, non-fossil fuel generation accounted for 22.8% of the total gross energy produced, with renewables alone making up 11.52%.

The survey further said that this energy transition is not only essential for climate mitigation but also vital for India's long-term economic aspirations. The ambition to become a developed country by 2047 is intrinsically tied to a low-carbon growth path, with net-zero emissions by 2070.

Achieving these milestones will require innovative strategies, strategic use of resources, and advanced technologies, especially in areas such as battery storage, grid infrastructure, and critical minerals as these investments will play a pivotal role in ensuring the country's energy needs are met without compromising its environmental goals.

Equally important is the need for adaptation and resilience, the survey said. With global financial support for climate action declining, India must take the lead in prioritising climate resilience, integrating it into policies, and ensuring that development programmes are climate-proof. This will require targeted investments in infrastructure, research and development, and region-specific strategies to safeguard economic growth against the impacts of climate change.

As the government leads these efforts, the private sector will play a complementary role, contributing to India's sustainable development trajectory, it said.  End

Reported by Sachi Pandey

Edited by Vandana Hingorani

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.