Green economy and sustainable development

Sustainable development has remained the focus of policy-making for a very long time. The notion of “green growth” garnered international attention after the 2008–09 crisis, as a means to stimulate economic growth in ways compatible with the sustainable development goals. In this chapter, we highlight the notions of green economy and sustainable development, along with their macroeconomic dimensions. The chapter provides an overview of the conventionally used economic measures of green accounting. Results from cross-country analysis of data indicate that the Adjusted Net Savings rate in India has almost doubled during 1990–2018, indicating sustainable economic growth. We also examine the policies implemented in different countries to attain a green economy and lessons to be learnt from their experiences. Our conclusion calls for an accelerated and revolutionary shift to attain socially inclusive green growth.