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    Net zero commitment massively net positive for India, says Jayant Sinha

    Synopsis

    BJP MP and former Union minister Jayant Sinha said net zero commitment by 2070 is "massively net positive for India" as it would prompt the country to cut down imports of fossil fuels and reduce air pollution.

    pollutionANI
    Sinha said, "net zero is massively net positive for India."
    BJP MP and former Union minister Jayant Sinha on Wednesday said net zero commitment by 2070 is "massively net positive for India" as it would prompt the country to cut down imports of fossil fuels and reduce air pollution. Reduction in use of fossil fuel will also bring down the levels of air pollution, Sinha said while referring to the severe air pollution in the national capital.

    "If we cut down on fossil fuels, obviously it will reduce our import burden. We are importing about USD 150 billion a year of fossil fuels. We will reduce our import burden. We will cut down on air pollution," he said, adding that it would lead to economic growth and more jobs.

    Therefore, Sinha said, "net zero is massively net positive for India."

    Sinha, who is also the Chairperson of the Parliamentary Standing Committee for Finance, was speaking at the CII Global Economic Policy Summit 2021.

    Earlier this month, Prime Minister Narendra Modi announced that India will achieve net zero carbon emissions by 2070 and asserted that it is the only country that is delivering in "letter and spirit" the commitments on tackling climate change under the Paris Agreement.

    Referring to the coronavirus pandemic, Sinha said it is a once in a century global pandemic and the loss of human lives and the impact on economic activities have been absolutely profound and in some ways very, very tragic.

    "But at the same time, the fiscal and monetary stimulus that was provided... by central banks as well as by the governments of the world has been equally unprecedented, and that has set the stage for this very robust growth," he said.

    He said India also provided the "right stimulus" and referred to Pradhan Mantri Garib Kalyan Yojna, MSME financing, and cash transfers.

    "So, we provided the right amount of stimulus to be able to support the economy and at the same time, I think the Reserve Bank of India has done a wonderful job in managing monetary policy as well," Sinha said.

    Further, he said the digital revolution and the green revolution are going to power growth for India in a way that "I think will really get us to, you know, one of the largest, if not the largest economy in the world".

    K V Kamath, who was recently appointed as Chairperson of the newly set up Rs 20,000 crore-National Bank for Financing Infrastructure and Development (NaBFID), said funding should not a problem for infrastructure development.


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