Thought for the day

Indian Growth likely to Fall Victim to Climate Change


 
Last updated: 5 December 2024
 
India is the third largest country in the world when measured in GDP PPP terms. Furthermore, it is possible that India will overtake the USA within a decade as the world’s second largest economy. However, climate change will likely be a key challenge facing the country over the coming decades. India already has a very high average temperature in comparison with other economically significant countries. Moreover, its average temperature has been rising over recent decades.

Average temperature in the top 5 largest countries by GDP size 1997-2022
Data is ranked on highest average temperature in 2022 in degrees Centigrade
Indian Growth likely to Fall Victim to Climate Change




According to the World Economic Forum, climate change, by the end of this century, could cost India more than 10% of its national income and drag 50 million more people back into poverty. Another recent report projected that South Asia will be one of the most impacted regions globally due to extreme weather caused by climate change. It projects a median income reduction of around 22% in the region – of which India is a major part. Asset valuations are also likely to respond negatively to accumulating evidence of the impact of climate change in India.

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