Green Law and Green Growth: Evaluating the Economic Effects of EU Environmental Regulations

Abstract

This paper analyzes the diversified economic impacts of the environmental laws of the European Union on India in both long and short terms with respect to the implications of the policies on the various sectors directly or indirectly. It talks about the effects of various environmental policies in both the EU and India on the trade relations, industries competitiveness and sustainable development. In particular, the review will integrate the existing literature to find out how the programs of the EU concerning the green trade and renewable energy can help to calculate the ecological footprint and the economic growth patterns in India. The paper will in addition examine the rapport between the ratification of the international and local treaties on sustainable economic development in India and the EU regulatory pressures in particular regarding the multifactor productivity and application of the green energy technologies. The extent to which these external control processes will result in internal policy changes in India that can possibly lead to a shift in more sustainable production and consumption patterns is also explored in this discussion. The paper has also balanced the impact of these regulatory impacts on the capacity of India import substitution and the general efforts of achieving the Sustainable Development Goals. The economic growth patterns which are characteristic and are largely practiced in India which are characteristically marked by a consumer of energy that determines the consumption of fossil fuels as well as imported crude oil are very threatening to the environmental sustainability.