What is the value of our forests? For the first time, it has been estimated ‘‘conservatively’’ at Rs 88,60,259 crore as on 2003. And we are fast losing this asset. The decrease in stock of timber alone in just two years (2001-2003) makes for a wealth depletion of over Rs 38,000 crore.

A unique study — Green Accounting for Indian States and Union Territories Project (GAISP) — launched by Green Indian States Trust (GIST) in July 2004 has come up with startling numbers.

Rajiv Sinha (Arizona State University), Haripriya Gundimeda (Madras School of Economics), Pushpam Kumar (Institute of Economic Growth, New Delhi) and Pavan Sukhdev (Deutsche Bank, London) are among the authors of these reports, based on the System of Integrated Environmental and Economic Accounting (SEEA) formulated by the United Nations.

And the Planning Commission is taking notice. ‘‘We cannot ignore these factors while developing strategies for sustainable growth. It’s a great initiative,’’ said Srikant Panigrahi, director of Environment and Forest in the commission.