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15-05-2023 | 17:17 PM

Report on Currency & Finance 2022-23

Reserve Bank of India’s (RBI) Department of Economic and Policy Research (DEPR) has released a report titled “Report on Currency & Finance 2022-23”.

Key Highlights:

• The theme of the report is ‘Towards a Greener Cleaner India’.
• India aims to achieve the net zero target by 2070. But this would require an accelerated reduction in the energy intensity of GDP by around 5% annually and a significant improvement in its energy mix in favour of renewables to around 80% by 2070-71.
• The cumulative total expenditure for adapting to this climate change in India is estimated to be Rs 85.6 lakh crore (at 2011-12 prices) by the year 2030.
• The financial sector faces the dual challenge of recalibrating its operations and business strategies to support the green transition process while also strengthening resilience to rising vulnerability to adverse climate events so as to safeguard financial stability.
• On the first challenge, estimates suggest that the green financing requirement in India could be at least 2.5% of GDP annually to address the infrastructure gap caused by climate events.
• On the second challenge, the results of a climate stress-test reveal that public sector banks may be more vulnerable than private sector banks in India.