Benefits from environmental improvements could be measured either as welfare gains or the costs avoided to society. The preparation of environmental accounts at the macro level and at the micro or project level requires information about the benefits and costs of environmental changes. This book provides this information drawing from some of the research studies carried out at the Institute of Economic Growth, Delhi, India during the last forty years. It presents studies about the valuation of environmental changes not only from the consumers’ perspectives but also studies that take into consideration the producer (production) perspectives. Mainstream environmental and resource economics books contain discussions on standard non-market valuation methods (revealed and stated preference methods) which are based on consumer perspectives for measuring benefits from environmental improvements. These studies provide valuable information for preparing environmental accounts at the national (aggregate) and project (micro) levels. The editors believe, this could be the first book in the area based on sound conceptual and theoretical underpinnings with empirical exercises and will be useful both for undergraduate and postgraduate students, policymakers, and researchers.

The book offers some of the best examples of applications of non-market valuation techniques for social cost-benefit analysis in the Indian context. The editors are to be commended on the coverage of topics included and the quality of chapters that makes the book highly accessible to a wide range of readers, including undergraduate and postgraduate students, policymakers, and researchers.
— Madhu Khanna
    ACES Distinguished Professor Environmental Economics,
    Alvin H. Baum Family Chair University of Illinois,
   Urbana-Champaign, USA

Environmental quality in India matters—not only for the large share of humanity who call the world’s most populous country home but also for the rest of the world. A distinctive feature of this collection is the attention to detail of production processes. This orientation is vital for formulating practical, market-based policy responses that can make environmental protection more feasible in countries that don’t have money to waste.
— Jeffrey R. Vincent
    Clarence F. Korstian Professor of Forest Economics & Management,
    Nicholas School of the Environment, Duke University, Durham, USA

India faces many environmental challenges, such as air pollution and climate change, that hinder its potential for future economic growth. M N Murty and Surender Kumar’s collection offers an insightful analysis of these issues. The book presents a comprehensive view of how to measure and account for the natural capital that contributes to inclusive wealth.
— Shunsuke Managi
     Distinguished Professor at Kyushu University,
    Japan and Director for UNEP Inclusive Wealth Report

We all know how real-life examples in classroom teaching keep students engaged and enhance thinking power and help later in their professional lives in managing national resources better. This book fulfils that gap in classroom teaching, policy-making, and governance.
— Joyashree Roy
    Director-SMARTS Centre, Asian Institute of Technology, Thailand,
    Former Professor Jadavpur University, Kolkata, India