Post COVID-19, focus on low carbon economic growth to assure economic prosperity, says Kiran Mazumdar-Shaw

ST Staff
Saturday, 20 June 2020

Create new pathways of economic development based on caring concern for man and nature said Kiran Mazumdar-Shaw Founder & Chairperson of Biocon and Padma Bhushan.

Pune: “The coronavirus pandemic that has created a devastating impact on the economies of the nations around the world and has pushed the global economy to a great recession should be taken as a great opportunity to create new pathways of economic development based on caring concern for man and nature. This would require focused attention on new economic policies and programs that shall accelerate economic growth with low carbon technologies.” said Kiran Mazumdar-Shaw Founder & Chairperson of Biocon and Padma Bhushan.

Shaw on Wednesday was delivering a lecture at the Amity Eminent via Webinar which was organized by the Amity University Gurugram. This was the third Webinar Lecture under this eminent lecture series that has been addressed last month by Noble Laureate Kailash Satyarthi and also Noble Laureate Prof Muhammad Yunus.

The recipient of Padma Bhushan and Padma Shree, said “We are in a surreal world this is the world that we never experienced earlier. But we have responded to this Pandemic crisis with great courage and conviction to protect the life of the people but at a great economic loss due to prolonged lockdown that was absolutely essential. As per the Asian Development Bank Report of May 15, this year, the global economy is expected to suffer 5.8-8.8 trillion dollar losses due to coronavirus pandemic. But then the positive side of the Corona Pandemic also reveals a great improvement in the health of the environment due to closure of industries, Government offices, MNCs, institutions, universities and drastically reduced mobility on road. This has brought down the air pollution in capital cities like Delhi by almost 70 per cent.”

She went on, “In China also the Covid-19 pandemic resulted in up to 50 per cent reduction in Nitric Oxides that is equivalent to saving 77000 lives in just two months. Likewise in India, the river Yamuna in Delhi and Ganges at Haridwar has been reported to have greatly improved their water quality due to drastic reductions in industrial wastewater that was making its way to these river streams untreated. As such, Covid-19 should be taken as a wakeup call on the devastating effects of the increasing pressure we are placing on our planet. But in the endeavour of confronting the multiple implications of this crisis, there is also an opportunity to re-imagine what is possible and is highly desirable for the future. Policies are currently being designed to confront it and massive additional financial resources are being mobilized. A key question is, therefore, is how to make this crisis an opportunity for a positive change,”

In our new normal post-COVID-19, we need to seriously consider focusing our attention and devise policy and programs to promote growth and development based to increased use of renewable energy such as Solar, Wind, biofuel and micro hydel to prevent us from returning to the pre-COVID times of highly degraded environmental health. “It makes a bigger economic sense to integrate sustainability in economic growth models as the penalty of poor environmental health is enormous”, said Shaw.

Founder President of Amity Education Group Dr Ashok K Chauhan and Chancellor of Amity University Haryana Dr Aseem Chauhan were also present in the Webinar that was moderated by Prof PB Sharma Vice-Chancellor, Amity University Haryana. Dr SanjanaVij coordinated the webinar for which excellent IT support was provided by Dr JS Sodhi and his team.

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