The relationship between carbon emissions, foreign trade openness, and FDI has been studied in prior studies. The previous studies, however, did not examine the link by focusing on carbon emissions in India's industrial sectors. Using carbon emission intensity as a threshold variable and a threshold regression model, we add to the existing studies by assessing the influence of India's industrial sector on carbon emissions. According to the study's findings, there are three threshold effects of foreign direct investment and foreign trade openness on industrial carbon emissions. FDI harms industrial carbon emissions, as it has a characteristically declining and then rising effect coefficient on industrial carbon emissions. Foreign trade openness, however, affects carbon emissions both positively and negatively. Foreign trade openness encourages carbon emission in sectors of the economy with lower carbon emission intensity. However, it also partially constrains it for sectors with high carbon emission intensity. The number of employees, technological innovation, GDP per capita, and economic activity intensity significantly influence carbon emissions in India's industrial sector. This study can extend further in other countries using the recent innovative methodologies.

Various empirical studies have been conducted. However, these studies fail to examine the asymmetric effect of income and price across different quantiles of consumption in the emerging 7 countries. This study extends the existing literature using a novel approach called the quantile ARDL model along with the standard nonlinear ARDL model. Findings based on the nonlinear ARDL model indicate that positive shocks in income positively and significantly affect consumption in the short- and long-run. On the other hand, negative shocks in income do not significantly affect consumption which, therefore, suggests an asymmetric effect of income on consumption. In addition, the quantile ARDL estimates indicate that income positively affects consumption across all quantiles of the consumption except the 95th quantile. Moreover, the quantile ARDL estimates indicate that price variations negatively affect consumption across all emerging 7 countries. These estimates suggest that devising policies without considering the asymmetric effect may lead to unfavorable consequences.