Green Economy and Sustainable Economic Development in Thane District, An Empirical Analysis

Abstract This study examines the interrelationship between sustainable financial development and the green economy in the Thane district of Maharashtra State. Primary data was collected from 200 respondents. The level of sustainable financial development and the green economy were assessed using questions based on a five-point Likert scale. Statistical analysis of the collected data was performed using the Jamovi software application. Percentage (%) and frequency (f) analysis were used to examine respondent characteristics, while mean and standard deviation ware employed to describe the two key variables; sustainable financial development and the green economy. Cronbach’s Alpha was used to test the reliability of the questionnaire; the obtained Cronbach’s Alpha value ware 0.649 for the green economy scale and 0.637 for the sustainable financial development scale. Subsequently, the scores for both components were combined. Pearson correlation analysis was conducted between sustainable financial development and the green economy. The resulting coefficients indicated a statistically significant positive correlation between these two variables (r = 0.668, p < .001). Thus, the finding suggests that an increase in the level of green economy practices enhances the likelihood of positive outcome associated with sustainable financial development. The study concludes that the efficient use of resources, environmental conservation and protection and the promotion of environmentally friendly initiatives are crucial for the Thane district of Maharashtra state.