Digitalization Policy and Practice Towards the Comprehensive and Sustainable Green Growth of the Industrial Sector With Special Reference to the Indian Economy

Introduction

Green industrial growth is expected be a key driver for the economic development and formulation environmental policy. Economic growth and development in the era of industrialization has been reached at the cost of severe over utilization non-renewable exhaustive energy sources. The green industrial policy framework could able to support transformation to economic system that equalize environmental sustainability and generate wealth for the sustainable future too. Industrial sector production measures the level of output of various businesses combined in the manufacturing segments of the economy. Industry is the important segment and records 78 percent of the national output. The widest segments within the industries are such as metals, which constitutes 13 percent of the total production, twelve percent from refined petroleum, chemical products consist of 8 percent, food motor vehicle, machinery and pharmaceutical constitutes 5 percent respectively. The green businesses are classified as two categories namely environmental goods considered as renewable energy, green technology and pollution abatement technique. Secondly, creation of green businesses (Khanna, 2020). The mining registered with fourteen percent of the total manufacturing. Industrial sector emerged as one of the major growing sectors among the other segments in India. The year-on-year production of industrial commodities has been increased by 3.2 percent up to October 2021 and it further rose to 3.3 percent at the end of September 2021 (MOSPI, 2021). India is one of the fastest growing industrial and manufacturing hub and playing a key function in the global economy. The concept of make in India scheme is the supporting a lot to enhance the industrial capacity (Pilicherla, et al., 2021). Industrialization is an integral part of the economic growth of a nation and presents a phase where revenue, productivity and increase in employment. Manufacturing industries are the second biggest contributor to the nation’s discharge about 25 percent of the total GDP. The manufacturing sector activity is a single biggest consumer of delivered energy, as a result (Biswas, et al., 2019). The monetary market didn’t always hold adequate information to precisely assess the hazards tangled in the financing of new business projects, and financial mediators may henceforth fail to clutch profitable openings, making government involvement is compulsory. The markets generally fail to adequately cost the environmental influence of economic activity, and this could lead to economically feasible whereas socially unwanted economic activity. The state has a vital role in flattening the playing arena for green businesses, positioning private revenues more carefully with social returns (Schwarzer, 2013). In this backdrop, the present chapter is constructed reveal the industrial growth, significance of industries, pollution, controlling measures of pollution and green growth policy for the sustainability. This chapter is organized with introduction, reviewing of dimensions of existing studies and analysis with relevant data. Based on the comprehensive study expresses the similarities and dissimilarities of the existing works. Based on the analytical review, the present study concluded with major findings of the study.