Govt To Improve India's Economic Indicators By Integrating Ocean Ecosystem Accounts

(MENAFN- IANS) New Delhi, Aug 30 (IANS) The government has reaffirmed its commitment to enriching India's economic indicators by integrating Ocean Ecosystem Accounts alongside traditional measures, an official statement said on Saturday.

The Ministry of Statistics and Programme Implementation (MoSPI) and Kerala's Directorate of Economics and Statistics held a one-day workshop in Kochi on“Capacity Building of Coastal States on Development of Ocean Accounts”.

N.K. Santoshi, Director General (Central Statistics), MoSPI, highlighted how the ocean accounts complement GDP by illuminating the dynamics of our marine resources-tracking the extent, condition, services, and assets of coastal ecosystems.

Saurabh Garg, Secretary, MoSPI, emphasised the need to incorporate ocean ecosystem data into national accounting in alignment with the upcoming UN System of National Accounts (SNA-2025), which stresses accountability for natural assets like oceans, water and forests.

This move aims to improve transparency in GDP estimates, strengthen policymaking against climate risks and promote sustainable development, the release added.

Experts from Central Marine Fisheries Research Institute, Indian National Centre for Ocean Information Services, National Remote Sensing Centre, National Centre for Coastal Research, and others discussed fisheries data, satellite remote sensing, and climate impacts for ocean accounting.

The main objective of the workshop is to encourage the coastal states to create their own ocean accounts, which will enable the development of national-level ocean accounts to meet international obligation as per SEEA framework.

MoSPI has released "Ocean Ecosystem Accounts in India: A Framework (A Report by the Expert Group)" on January 22, 2025. The report integrates ecological and economic data on ocean ecosystems, which helps in informed decision-making that balances development with sustainable ocean management in India.

Ocean accounting is a method of systematically tracking and organising information about the environmental assets, economic activities, and coastal livelihoods supported by the ocean. This will help governments and communities make better decisions for conserving and using ocean resources sustainably.

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