The main objective of the present study is to examine the role of green innovation, green resources, and urban concentration in green and sustainable growth in India.
This study uses econometric methods robust to unit root analysis, such as ADF and DF-GLS, and the ARDL bounds test approach to analyze the long-run and short-run relationship between the selected time-series variables for India from 1993 to 2021. Further, diagnostic inspection like the Breusch-Pagan-Godfrey test and the Breusch–Godfrey Serial Correlation LM test to determine whether heteroskedasticity and serial correlation exist in the data. CUSUM and CUSUMSQ were applied to assess the stability of the model.
The results show that green innovation has a positive relationship with green GDP, which signifies that with innovation in developing eco-friendly technologies, a nation can lower its dependence on fossil fuels and, consequently, pollution emissions, delegating green production to raise green growth. On the other hand, renewable energy sources indicate a negative impact on green GDP with an insignificant coefficient. Furthermore, urbanization has a positive and significant relationship with Green GDP, focusing on cities that create sustainable urban design. Hence, it provides support for green urban development.
To the best of the authors’ knowledge, existing literature predominantly focuses on investigating the relationship between green growth and sustainable development without considering the role of green innovations. The present study explored the role of green innovation and renewable resources in attaining green growth and achieving sustainable development in a developing country like India.
