HARMONIZING GROWTH WITH SUSTAINABILITY: INTEGRATING GREEN PRACTICES INTO INDIA'S ECONOMIC DEVELOPMENT

Abstract

This chapter examines the intricate relationship between sustainability and economic growth, highlighting how economic principles can facilitate sustainable development and address associated challenges. Sustainability involves a balance among environmental, economic, and social aspects, necessitating a shift from traditional growth paradigms to those that account for long-term impacts. The chapter explores various economic theories, including neoclassical economics, ecological economics, and the circular economy, and their relevance to sustainable development. It identifies market failures such as negative externalities and the tragedy of the commons and discusses policy measures designed to address these issues.