Regretting that economic policies designed to promote growth have been implemented without considering their full environmental consequences, Prime Minister Manmohan Singh said, economic growth should be based on optimal use of natural resources and development must be environmentally sustainable. Normally economic policies are often designed on the assumption that these consequences would either take care of themselves or could be dealt with separately.
While addressing an event, Singh said, ‘India’s commitment to planned economic development reflects the government’s determination to improve the economic conditions of people and an affirmation of the role of the government in bringing about this outcome through a variety of social, economic, and institutional initiatives.’
However, as the economy develops rapidly, it gives rise to many new challenges like scarcity of natural resources. As a result, it is important to decide how to use scarce resources optimally, both from the economic development and the sustainability perspectives.
By adding further, he said the environmental degradation is manifesting itself through the loss of fertile soils, desertification, decreasing forest cover, reduction of fresh water availability, and an extreme loss of bio-diversity, so it has become clear that economic development should be environmentally sustainable. Moreover, through planned economic development, India aims to attain economic growth and poverty alleviation.
