GREEN ECONOMY AS A CATALYST FOR INCLUSIVE AND SUSTAINABLE DEVELOPMENT IN INDIA: THE ROLE OF RENEWABLE ENERGY, POLICY FRAMEWORKS, AND INSTITUTIONAL MECHANISMS

Abstract

Abstract: The transition towards a green economy has emerged as a critical pathway for achieving inclusive and sustainable development, particularly in developing countries like India. This paper examines the role of the green economy as a catalyst for sustainable growth with a specific focus on renewable energy development, policy frameworks, and institutional mechanisms in India. It descriptively analyzes how renewable energy initiatives contribute to economic growth, environmental sustainability, employment generation, and social inclusion. The study further explores key national policies, regulatory frameworks, and institutional arrangements that support India’s green transition, including government programs, public– private partnerships, and financial mechanisms. By highlighting existing achievements as well as structural challenges such as policy implementation gaps, financing constraints, and regional disparities, the paper underscores the need for coherent policy integration and strengthened institutions. The findings suggest that a well-designed green economy strategy can promote low-carbon development while ensuring equitable access to resources and opportunities. The paper concludes by emphasizing the importance of policy coherence, institutional capacity building, and inclusive governance to maximize the developmental benefits of the green economy in India. Keywords: Green Economy; Sustainable Development; Inclusive Growth; Renewable Energy; Policy Frameworks; Institutional Mechanisms; India; Low-Carbon Development