Biting the Hand that Feeds: IIM Alumnus Sounds the Alarm on India’s Pollution Problem
As Indians, we are no stranger to the significant income tax relief that the Indian government offers. In the 2020-21 budget, the Indian government increased the exemption limit for income tax from 2.5 lakhs to 5 lakhs, making it a popular move among the middle class. Similarly, as an IIM alumnus, I can attest to the emphasis on increasing the standard deduction from 50,000 to 1.5 lakhs. However, as I delve into the world of finance and economics, I find myself wondering, are we overlooking a far more crucial issue at our doorstep?
Pollution, in all its forms, is a plague that afflicts our great nation, with far-reaching consequences for our health, our economy, and our very future. And yet, despite the grave importance of this issue, it remains, astonishingly, a "zero mention" in our country’s budget and financial discourse. Why is it that we, as a society, continue to turn a blind eye to this pressing concern, while simultaneously celebrating the benefits of income tax relief worth 80,000 GBP?
The answer lies in the fundamental principles of our economy. The pursuit of growth and development has been driven by a single-minded focus on GDP growth, leaving behind the unsuspecting victims of pollution. While the Indian government has made valiant efforts to tackle the problem, it is time for us to recognize the gravity of the situation and take concrete steps to address it.
The cost of inaction is staggering, with pollution estimation to account for 1.4 million premature deaths every year in India alone. The economic burden is also substantial, with the World Health Organization (WHO) estimating the annual cost of illness and premature mortality due to air pollution in India to be around 3.1 trillion USD. These numbers are a grim reminder of the need for urgent action.
So, what can be done? To start with, the government must acknowledge the severity of the problem and make it a priority in our economic and budgetary planning. This can be achieved by earmarking a significant portion of the budget for pollution mitigation and abatement measures. Additionally, we need to invest in research and development of green technologies, as well as incentivizing green projects and initiatives.
As an IIM alumnus, I believe that business schools and institutions have a crucial role to play in shaping the future of our country. We must harness the power of education and innovation to develop sustainable solutions to this pressing issue. It is time for us to straddle the two worlds of finance and social responsibility, recognizing that economic growth must be achieved in harmony with environmental stewardship.
In conclusion, while income tax relief may be a welcome respite for many, it is crucial that we do not lose sight of the larger picture. The blindness to pollution is a aspect of this picture that cannot be ignored. As we continue to celebrate our economic growth, let us not forget the invisible victims of pollution, and the devastating consequences it has on our people and our planet. It is our collective responsibility to acknowledge the issue, and take concrete steps to address it, for the benefit of all Indians, and the future of our great nation.
