Green Accounting in India- a Balancing Tool

Abstract

In today 's worldwide economy, organizations are increasingly asked to demonstrate sound business management that includes concern for social, environmental and economic issues. The explicit cost of business has more share of the social cost with specific reference to the environment, the margin where they are operating. As a result of observing the trends and patterns of the production process well equipped with the enhanced technology, it is expected to adopt the measures which can bring harmony with the ecosystem and economy. The argument created by worldwide competition makes it essential for enterprises to continuously rationalize and advance all resources and processes. In view of all the facts and figures it seems desirable to introduce the concept through which the cost of utilization of natural resources can be evaluated and can be put across with the quantum of the production. Green Accounting mainly focuses on bringing harmony between the corporate environment and natural environment. The present research article is a small attempt to discuss the rationale for introducing the green accounting concept at this hour and the policies to be followed for the application of the same in the Indian business world. Secondary data was gathered around for the purpose. A well-known proverb says stitch in time save nine, as it’s an alarming time for the country to adapt the measures rigorously to preserve the environment along with the growth of the nation.