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With increasing pollution and global warming, concern over climate change is constantly rising around the world. India is no exception to this. It is critical to recognize how susceptible a developing economy like India is to climate change.
Recently, a lot has been discussed about how unexpected rainfall and normally severe temperatures have impacted daily living in the country. There is also a regular reminder that the scenario will be the same in the next years. According to the Global Climate Risk Index 2021, India is the sixth most impacted country in terms of exposure and susceptibility to climate risk occurrences. Let’s find out more about climatic changes’ impact on the Indian economy in this article.
Credit : Romolo Tavani
Energy demands frequently collide with climate-change policies. Climate change has an impact on agriculture as well, putting half of the Indian population at risk. If disease-related fatalities are assessed at lifetime wages, the economic production loss in 2050 and 2100 will be USD 2.5 billion and USD 21 billion, respectively. The cost of global inactivity on climate change mitigation is predicted to be 45 per cent to 1.19 per cent of India’s GDP in 2050 and 59 per cent to 1.17 per cent of India’s GDP in 2100. As per the estimates, the loss in rice output per 1°C rise can range from 4% to 20%. The loss in maize yield per 1°C rise can range from 32% to 50%. Wheat production losses ranged from 5% to 20% per 1°C rise.
According to the World Economic Forum’s Global Threats Report 2020, the top five most likely threats over the next decade are all climate-related. India has the world’s greatest cattle population. Animals are employed as milk producers, manure and sowing, and as household wealth in the country, particularly in landless households. Heat stress limits feed and fodder availability while increasing disease-friendly circumstances.
It also decreases the workforce. On hot days, workers’ productivity tends to be reduced, which results in reduced industrial yields, resulting in reduced exports, resulting in lower national revenue, and indirectly hurting global commerce. Climate change impairs cognitive performance and reduces work hours in industries that need a lot of outside activity, such as construction. Human-made environmental catastrophes, climate action failure, natural disasters, biodiversity loss, and extreme weather are all interconnected. They also have a detrimental influence on the country’s economy, either directly or indirectly.
Climate change is referred to as a change in temperature and weather over a longer period. These changes can be natural, such as oscillations in the solar cycle. However, since the 1800s, human activities have been the primary cause of climate change, owing mostly to fossil fuel usage. The combustion of fossil fuels produces greenhouse gas emissions, which behave like a blanket wrapped over the Earth, trapping heat from the sun and rising temperatures.