Abstract
It is of topmost importance to undertake an economic valuation of the ecosystem services such as a river, which is aquatic and natural ecosystem, because of their very important role in the development and welfare of the society. It is against this overall backdrop, the present research study attempts to carry out an economic valuation of the services of the Panchganga river as an aquatic eco system. The empirical analysis of the economic valuation of the services in monetary terms being provided by the Panchganga river ecosystem estimates its total economic value. No doubt, it is worth of Rs. 5459.41 lakh per annum is really important and valuable, which indicates its role in the socio economic development of the area under our study. It is an indicator of the number and variety of services being provided by the Panchganga useful for agriculture, allied activities, industry and business development along with water for domestic use of the area and its people. The analysis of the determinants of the economic value of the Panchganga river reveals that the non-economic than the economic factors are very much dominant and effective in generating the total economic value.
Highlights
Resources play a vital role in overall development of any economy
Monetary value of the services being provided by the ecosystems like river is economic value
The empirical analysis of the economic valuation of the services in monetary terms being provided by the Panchganga river ecosystem estimates its total economic value
Summary
A single productive activity cannot be started, economic growth and development is rather impossible. In a global sense, [1] describe ecosystem resources such as water, air and soil as Natural Capital. These resources can be renewable or nonrenewable. Production results from the combining of Natural and Industrial Capital [2]. Resources are a means of economic activities and development of the economy. The scarcity of natural resources is of higher gravity their proper allocation and optimal utilization is of crucial importance. The evidence suggests that rivers have the potential to provide a wide range of benefits to society, for example supporting key livelihood activities
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