Eco-Equity: Balancing Progress And Preservation Through Carbon Tax Innovation In India

Abstract

The pressing need to address climate change and its negative effects has prompted researchers to investigate a range of policy options. Carbon taxes is a perfect tool to strike a balance between environmental safeguarding and economic development. The present study explores the intricacies and probable merits of instituting a carbon price policy in India. India being a fast-developing nation with high carbon emissions, enacting a carbon price could be a crucial step in the itinerary triumph for sustainable development. India's economy is epitomized by rapid urbanisation and industrial growth, together contributed to carbon emissions. Nevertheless, vitally two important challenges in front of India are ensuring equitable fiscal advancement and poverty alleviation. A significant factor coordinating economic growth with ecological sustainability could be the implementation of a carbon fee. Carbon tax can act as incentive for companies and individuals in decreasing carbon footprint, thus fostering the development of green technology and energy efficiency. The study is derived from the idea that carbon tax shall have potential to yield significant revenue which may be utilised for the purpose of funding public facilities and eco- friendly infrastructure. This revenue also can be used towards improving the development of renewable energy sources, enhancing public transport, and raising residential and commercial energy efficiency levels. In addition, social justice can be accomplished by a well-devised carbon tax by distributing tax revenues to vulnerable areas and low-income households, who are disproportionately impacted by the shift to a low-carbon economy and climate change. This research aims to evaluate the effects of carbon emissions on the ecology and the economy and also to assess the feasibility and effectiveness of carbon tax. Data on carbon emissions taken from dataset were quantitatively analysed. The inclusive approach of the study firmly establishes policy suggestions and an accurate understanding of the possible effects of a carbon tax can be ensured. Initial findings indicate that India could make significant reductions in its carbon footprint and encourage the adoption of eco-friendly technologies and can raise revenue through the implementation of a carbon tax. However, it is imperative that the issues need careful consideration and ensure stringent enforcement procedures are in place. The researcher recommends establishing a progressive carbon tax system and integrating it into existing legal energy and climate frameworks. In summary the research suggests that implementation of a carbon tax in India is a feasible approach for striking a balance between ecological sustainability and economic development. This initiative could lead to decrease in greenhouse gas emissions, foster innovation, create green jobs, and promote social justice by accurate carbon pricing. Success of policy implementation needs careful planning, transparent execution and wide support of stakeholders. In order to secure a sustainable future for India, this study emphasises the significance of eco-equity and advocates for a carbon price that balances both progress and preservation.