Glimpses from the Bio-economy programme of the proposed National Mission on Biodiversity and Human Well-being

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Nature supports all economic activities. It does not matter if it’s a good or a service, produced in the formal or the non-formal parts of the economic system, embodying only use-value or also an exchange value, or whether consumed by the producer herself or by an ‘alien’ in a distant place. The extent and scale of support by Nature to specific economic agents are mediated by the rules, customs and norms, at both local (say, local common grazing ground) and global (ozone layer) scales. The support is manifested as ‘sink’ (say, ability to absorb the GHGs by natural carbon sinks) and ‘source’ (say, fodder). 

The ‘allocations’ of such support among economic agents — be it within or across generations — are arrived at a (albeit higher) social plane dictated by political priorities. Markets can hardly ‘allocate’ such supports provided by Nature to the economic (and other) activities (that are supported by Nature). Thus the interventions by the State is necessary to ensure a steady (if not augmented) flow of such supports across agents... Read More