(1) Background: Global warming is one of the most severe environmental problems humans are facing now. This study aims to assess the impacts of economic growth, trade openness, urbanization, and energy consumption on carbon emissions in India; (2) Methodology: In this longitudinal study, data have been collected from World Development Indicators and Our World in Data from 1980 to 2021. Two models have been used in this study, which are ARDL and the random forest model, which is a machine learning algorithm that uses the aggregated prediction for final prediction; (3) Results: The ARDL model revealed that the variables were cointegrated. In the short run, CO₂ emissions at previous lag, economic growth, and trade openness negatively correlated with CO₂ emissions, while energy consumption and urbanization exhibited a positive correlation. In the long run, energy consumption, urbanization, and trade openness positively correlated with CO₂ emissions, while economic growth and CO₂ emissions at previous lag demonstrated a negative correlation. The high value of the R² and low values of RMSE and M.A.E. in the Random Forest model shows the model’s fitness; (4) Conclusions: The study’s findings have been briefly discussed, and a few suggestions have been provided based on the results.

Background Air pollution is a leading cause of premature deaths in developing countries compared to developed countries. We aimed to analyze and compare the economic loss due to premature deaths caused by air pollution in the USA and India. Methods Data on household and ambient air pollution, mortality, population, and GDP were collected from the WHO Global Health Observatory, the 2019 Global Burden of Disease Study, and World Development Indicators. The economic loss of premature deaths caused by air pollution were assessed for 2019 in India and the USA by calculating the adjusted labor output per worker, factoring in the likelihood of a person being employed. However, reported mortality cases of air pollution can be less than the actual cases, so the actual loss can be greater than that calculated in this study. Results The findings showed that in 2019, the total economic loss due to premature deaths caused by air pollution was $34.85 billion and $24.76 billion in India and the USA, respectively. In 2019, India and the USA lost around 1.67 million and 100,000 lives because of air pollution, respectively. However, the per capita loss amounted to $20,868 for India and $247,600 for the USA, highlighting the stark disparity in the per capita income. Despite significant socioeconomic variations, ambient air pollution is the leading cause of total premature deaths from air pollution, accounting for 58% and 80% in India and the USA, respectively. Conclusions Air pollution is rising in India and decreasing in the USA. The United States has implemented stringent laws and regulations, such as the Clean Air Act, to control air pollution, and India should benefit from this example. Moreover, monitoring the ground-level situation is important to reduce air pollution and associated fatalities.