How is the Government Aiming to Enhance India's Economic Indicators with Ocean Ecosystem Accounts?
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Synopsis
The Indian government is taking significant steps to improve economic indicators through the integration of Ocean Ecosystem Accounts. This innovative approach aims to enhance transparency, bolster policymaking against climate risks, and promote sustainable development, ensuring that natural assets are valued in national accounting.
Key Takeaways
- Integration of Ocean Ecosystem Accounts enhances traditional economic measures.
- Improves transparency in GDP estimates.
- Strengthens policymaking against climate risks.
- Promotes sustainable development practices.
- Aims to fulfill international obligations as per SEEA framework.
New Delhi, Aug 30 (NationPress) The government has reiterated its dedication to enhancing India’s economic indicators by integrating Ocean Ecosystem Accounts with conventional metrics, according to an official statement released on Saturday.
The Ministry of Statistics and Programme Implementation (MoSPI) and Kerala’s Directorate of Economics and Statistics conducted a one-day workshop in Kochi focused on "Capacity Building of Coastal States on Development of Ocean Accounts".
N.K. Santoshi, Director General (Central Statistics) at MoSPI, underscored the role of ocean accounts in complementing GDP by shedding light on the dynamics of marine resources—monitoring the extent, condition, services, and assets of coastal ecosystems.
Saurabh Garg, Secretary of MoSPI, stressed the importance of incorporating ocean ecosystem data into national accounting in line with the forthcoming UN System of National Accounts (SNA-2025), which emphasizes accountability for natural assets like oceans, water, and forests.
This initiative aims to enhance transparency in GDP estimates, bolster policymaking against climate risks, and foster sustainable development, the statement mentioned.
Experts from various organizations, including the Central Marine Fisheries Research Institute, Indian National Centre for Ocean Information Services, National Remote Sensing Centre, and National Centre for Coastal Research, engaged in discussions about fisheries data, satellite remote sensing, and climate impacts relevant to ocean accounting.
The primary goal of the workshop is to motivate coastal states to establish their own ocean accounts, facilitating the development of national-level ocean accounts to fulfill international obligations as per the SEEA framework.
On January 22, 2025, MoSPI released a report titled "Ocean Ecosystem Accounts in India: A Framework" by an Expert Group, which merges ecological and economic data on ocean ecosystems, aiding informed decision-making that balances development with sustainable ocean management in India.
Ocean accounting is a systematic approach to tracking and organizing information regarding environmental assets, economic activities, and coastal livelihoods supported by the ocean, enabling governments and communities to make more informed decisions about conserving and sustainably using ocean resources.
Point of View
It is imperative to recognize that this initiative reflects the government’s commitment to sustainable development. By integrating ocean ecosystem accounts, we are not only enhancing economic indicators but also ensuring that natural resources are managed responsibly. This approach can serve as a model for other countries, showcasing India’s leadership in environmental accountability.
NationPress
30/08/2025
Frequently Asked Questions
What are Ocean Ecosystem Accounts?
Ocean Ecosystem Accounts are a systematic method of tracking and organizing information about ocean resources, economic activities, and coastal livelihoods, aimed at promoting sustainable management.
Why is the integration of ocean accounts important?
Integrating ocean accounts enhances the transparency of GDP estimates, strengthens policymaking against climate risks, and fosters sustainable development.
What is the SEEA framework?
The SEEA framework refers to the System of Environmental and Economic Accounts, which emphasizes the integration of ecological and economic data for informed decision-making.
What organizations are involved in this initiative?
Organizations like the Central Marine Fisheries Research Institute, Indian National Centre for Ocean Information Services, and National Centre for Coastal Research are involved.
How will this initiative benefit coastal states?
This initiative encourages coastal states to create their own ocean accounts, enabling the development of national-level accounts to meet international obligations.
