Friday, February 26, 2021

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Climate Change a Big Threat to Indian Economy: World Bank

Climate change in India is intensifying to alarming levels. The World Bank has stated that climate change is one of the major threats which may slow-down the Indian economy. The World Bank has published a report which puts the Indian economy under threat. The report is titled, ‘South Asia’s Hotspots: The Impact of Temperature and Precipitation Changes on Living Standards.’ This report forecasts a fall of 2.8% in the country’s GDP by 2050. 
The report also envisages that more than half of the Indian population will see a decline in their living standards due to temperature and precipitation changes in India. Rising temperatures and transforming rainfall patterns are India’s major concern. Climate change in India as per the World Bank will depress health standards and lead to fall in the agricultural yield in India henceforth depressing the GDP of India.

What are the most vulnerable regions in India?

The report by World Bank identifies central India, Northern India and North-Western India as the most vulnerable regions to be hit by climate change in India. The report further states that Madhya Pradesh and Chattisgarh will witness a 9% fall in the living standards of its people. The areas which could turn into severe and moderate hotspots of climate change have a population of 600 million. All of this can accumulate to increasing inequality and poverty. The report hints at decreased per capita incomes hence leading to a further divide between the rich and the poor and escalating poverty.

So, to conclude, India is on the brink over a major economic crisis born out of climate change in India. Climate change is not just restricted to India but a problem that the entire world is facing and needs to address. India needs to prioritise its precedent against climate change. This report of the World Bank shall make India realise some harsh facts and implications of climate change in India.

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