CAG audit on 'profit & loss' of natural resources to start soon

NEW DELHI: In a new initiative that will lead to having a national receipt and expenditure account on exploitation of natural resources and environmental damages, the Comptroller and Auditor General will soon start conducting Natural Resource Accounting (NRA) in India in a phased manner.
The NRA audit will prepare a balancesheet of natural resources with assets account in respect of four major natural resources—mineral and energy resources, water, forestry & wildlife and Land resources — to help states and the central governments plan resource management with an eye on their sustainability for the future generations, according to a CAG spokesperson.
A concept paper on the NRA audit, presented to minister of state for environment Babul Supriyo on Tuesday by deputy CAG Anita Pattanayak, talks about the four stage implementation plan of NRA and how it will help states manage resources and mitigate environmental damages.
This NRA audit is in line with the UN efforts to implement natural resource management and environmental audit across the world to achieve the sustainable development goal. “The paper is prepared in alignment with the requirements of the environmental and economic accounting framework for NRA issued by the UN,” according to CAG.
The new audit framework will bring both the government and the private sector under the ambit of the NRA. This will comprise mapping of resources, a disclosure statement on receipts and expenditure accounts related to exploitation of natural resources and on mitigating environmental damages.