ASSESSING THE ENVIRONMENTAL IMPACT: A COMPREHENSIVE STUDY OF ENVIRONMENTAL ACCOUNTING PRACTICES IN INDIA

Abstract

In order to assess and lessen the negative effects of economic activity on the environment, environmental accounting techniques are essential. Sustainable development in India depends on the adoption of efficient environmental accounting techniques, given the country's fast industrialization and urbanization as well as the rising environmental concerns it faces. In order to evaluate the environmental impact, a thorough examination of Indian environmental accounting methods is presented in this paper. This paper aims to identify and examine the different environmental accounting frameworks and methodologies that are applied in India. These range from conventional cost-based approaches to more sophisticated methods like carbon accounting and life cycle assessment. It also looks into the difficulties that companies have implementing their plans, such as problems with data accessibility, measuring techniques, and regulatory compliance. Furthermore, the paper considers the policy and regulatory framework that oversee environmental accounting in India, evaluating the efficacy of current legislation and pinpointing areas for enhancement. The article also examines the prospects for environmental accounting in India going forward, taking new developments in technology, stakeholder expectations, and developing trends into account. The necessity of mainstreaming environmental accounting across industries and highlighting its significance in advancing sustainable development and ethical business practices in India are also emphasized in this paper.