Forest resource accounting for sustainable forest management: An exploratory study in India

Forest Resource Accounting (FRA) is an important instrument of sustainable forest management (SFM). It facilitates estimation of the economic value of tangible and intangible forest benefits and the contribution of the forestry sector to gross domestic product (GDP). This article presents a critical review of the practice of FRA in the light of experience in India. Case studies are used as the empirical basis to propose an improved system of FRA on lines of the system of integrated environmental and economic accounting (SEEA). Also explored is the role of FRA in facilitating the achievement of the goals of SFM. The study shows that the contribution of the forestry sector to India's economy could be significantly enhanced if the value of unrecorded forest benefits were included in the national system of accounts.