e-ISSN 2320 –7876 www.ijfans.org Vol.9, Iss. 2, 2020 Research Paper © 2012 IJFANS. All Rights Reserved, UGC CARE Listed (Group -I) Journal 28 Empirical study of Carbon emission and economic development of Indian economy Dr. Anurag Agnihotri assistant professor College of vocational studies, University of Delhi Email: anurag.agnihotri@cvs.du.ac.in Abstract The economic development is important but clean environment is essential for the human survival however growth in one is loss of other. There is need to find a balance between the two. There is a need for measuring and managing the carbon emissions of different socio-economic spheres of mankind. Carbon accounting covers a wide range of activities related to the calculation, measurement, verification, reporting, etc. of carbon emissions. This paper explain the Relationship of Carbon emission accounting and Gross value added for selected sectors of Indian economy by taking the secondary data from the IEA and RBI website and further the Multiple regression is used and it was aimed at finding out the relationship between the carbon emission and gross value added by the different sectors along with other objectives. It was found that carbon emission accounting help in carbon management and it also impact the gross value added of different sectors. The results indicate that economic growth has negative effect on CO 2 emission in the low growth regime but positive effect in the high growth regime with the marginal effect being higher in the high growth regime. The findings emphasize the need for transformation of low carbon technologies aimed at reducing emissions and sustainable economic growth. This may include energy efficiency and switch away from non-renewable energy to renewable energy. Keywords: Carbon emission, Carbon accounting, Gross value added GDP,IEA, RBI Introduction There is a need for measuring and managing the carbon emissions of different socio- economic spheres of mankind and for this purpose carbon accounting can play an important role in the measurement and management of carbon emission. Burritt-Tingey-Holyoak (2012) explained that carbon accounting covers a wide range of activities related to the calculation, measurement, verification, reporting, etc. of carbon emissions. Schaltegger and Csutora (2012) extended the definition and explained that scientific carbon accounting covers the major tendencies in emissions, raises awareness and offers references for how carbon emissions can be managed and reduced to remain within the scope of sustainability. Ascui and Lowell (2011) explained that carbon accounting includes estimation, calculation, measurement, monitoring,