Abstract
An industry uses finite environmental resources of various kinds in its production process. The rapid growth of population and unplanned industrialization leads to a number of environmental issues in India. Hence, environmental processes form the basis of resource management and economic development. Accountants act as basic custodians and light bearers of economic development. They cannot close their eyes to the effect of environmental issues on business management etc. Environment protection has become a very common subject of discussion all over the world. With the advent of liberalization, it has become essential to internalize the cost of environmental degradation in corporate accounts most successfully. Economic development without environmental considerations causes environmental crisis. As a consequence, it reduces the quality of life of present generation as well as future generation. As more corporate sectors in the global market especially in India are becoming anxious about environmental degradation, naturally more and more emphasis is being ascribed to environment-friendly outputs. Environmental degradation or pollution calls for diligent management of environment which in turn is indispensable for sustainable development. The global community thinks it indispensable to determine the best practice in accounting for environmental resources and calls for sound environmental management for environmental degradation or pollution. In the light of this situation, a modest attempt has been made in the paper to focus on the theoretical foundation of environmental management. This study also evidences reluctant attitude of many corporate sectors in India in spite of mandatory legislation evicted in our country. This paper also expresses that notwithstanding different irregularities, environmental management is developing an increasing important aspect within the corporate sectors in a developing country like India. Final part of this paper contains conclusion along with recommendation to overcome the situation.
Highlights
Rapid movement of industrialization throughout the world has been seriously menacing mankind’s ability to maintain an ecological balance
The ecological role played by corporate sectors responsible for their business activities on the environment is becoming explicit in the global market, especially in India
The corporate living should not destroy environment balance sheet rather it should largely contribute for sustainable development of a country
Summary
Rapid movement of industrialization throughout the world has been seriously menacing mankind’s ability to maintain an ecological balance. The ecological role played by corporate sectors responsible for their business activities on the environment is becoming explicit in the global market, especially in India. Management of both environmental and natural resources in a country like India has become more urgent. In India, government has come forward to exercise control over the issue relating to degradation of environment It is worth mentioning in this respect that the Indian constitution imposes as one of the fundamental duties of every citizen, the duty to protect and improve the natural environment including forests, lakes, rivers and wild life and to have compassion for living creatures
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