IMPORTANCE OF NATURAL RESOURCE ACCOUNTING IN INDIA : A CASE STUDY ON THE MINERAL AND ENERGY RESOURCES

Natural resource accounting is a crucial framework for evaluating the economic and environmental dimensions of a regions resource utilization. This case study delves into the crucial field of natural resource accounting in India, with a specific focus on the management of mineral and energy resources. The study underscores the fundamental axiom that Measurement of a resource leads to its better management. Through data collection, resource valuation, stock and flow analysis, sustainability assessment, and environmental impact evaluation, the paper reveals insights into the sustainable management of these invaluable assets.Indias burgeoning demand for mineral and energy resources, driven by rapid economic growth, necessitates an informed approach to resource management. Natural resource accounting serves as a key tool in this regard. By quantifying these resources, assessing their value, marketing them and considering their economic, environmental, and social impacts, this study advocates for a more informed decision-making process.The study emphasizes how the data and analysis derived from natural resource accounting facilitate the formulation of effective policies. These policies encompass resource extraction quotas, taxation, conservation measures, and environmental regulations, all of which are vital in ensuring responsible resource management.Furthermore, the study acknowledges the significant environmental repercussions of mineral and energy resource extraction. It underscores the importance of accounting for environmental costs and damages, thereby advancing policies aimed at responsible resource management and environmental conservation.A critical aspect addressed in this case study is the assessment of resource sustainability. Understanding whether resources are being extracted at a rate that is sustainable in the long term is paramount. It also underscores the need for policies that promote sustainable resource management and conservation.Transparency and public awareness are another focal point of the study. The availability of information regarding the status and utilization of mineral and energy resources can lead to more responsible resource management practices and enhanced accountability among stakeholders.Finally, this study emphasizes the economic planning and revenue generation potential of natural resource accounting. By grasping the value and availability of mineral and energy resources, governments can allocate resources for development projects, infrastructure, and social welfare programs more effectively.In conclusion, natural resource accounting is a vital tool for sustainable resource management in India. By quantifying and assessing these resources while considering their economic, environmental, and social implications, the government and stakeholders can make more informed decisions and work towards responsible resource management. The study highlights the potential for responsible management of mineral and energy resources in India, benefiting both the present and future generations while safeguarding its natural heritage.