ABSTRACT
The trends of economy development between India and European Union (EU) have widen from the enduring multifaceted cross-border relationship, owing to the globalization of the Indian economy, which has been developed substantially since the adoption of 1993 declaration and transformed to strategic partnership, from The Hague summit in 2004. Keeping in view the ongoing relationship, it is essential to anatomize the impact of this strategic partnership on the economic development and sustainability. This chapter focuses on the comparative analysis of the gross domestic product (GDP), foreign direct investment (FDI) and other economic indicators between India and EU as well as their impact on the environment and sustainable development by comparing per capita carbon dioxide (CO2) emission. The data for this research are collected from the secondary sources and analyzed by using statistical techniques such as descriptive statistics, correlations, and regression model. It is established from the analysis of GDP, FDI, gross fixed capital formation (GFCF), and CO2 emission that there exists a positive relation between these economic indicators and CO2 emission in India and a negative relation in EU, which shows that EU has given more importance on the sustainability by reducing its CO2 emission in comparison to India. This study has set a direction toward escalating the relationship between the 234duos for sustainable economic development. Although this study uses limited economic indicators and for a short time period, more study may be conducted for improved analysis by using additional indicators and extended time period.
