The composition between the global ecosystem/biodiversity and the
economic system has been changing drastically with respect to population and
economic growth. Unscientific economic growth without adequate precautions for
safeguarding biodiversity has far-reaching consequences. Biodiversity loss is an
external/social cost, since it hampers economy and the livelihood of people. The
external issues and the need for their internalization have been widely discussed by
environmental economists, which is the base for mainstreaming them. Rapid economic
growth is imperative for a developing country like India. However, the preservation of
natural resources like biodiversity, on which millions of people depend, is equally
important to ensure that growth is more inclusive and sustainable. It is vital that every
nation should preserve its biodiversity and the health of diverse ecosystems for global
harmony, where mainstreaming the biodiversity concerns in various developmental
programs is inevitable. Even if mainstreaming is an ideal approach for sustainable
development, its practicability and success are dependent factors and a huge challenge,
particularly for developing countries. More awareness generation, scientific
information which establishes the linkages of biodiversity with developmental sectors,
multi-stakeholders’ co-operation, financial support, and incentive measures can
facilitate biodiversity mainstreaming. Valuation of the biodiversity goods and services
and damage costs is significant. Through valuation, one can easily convey the overall
importance of biodiversity as well as the damage costs, due to haphazard economic
growth, to the public and the policy makers, who are the key actors in mainstreaming
biodiversity.
Keywords: Cost of Inaction, Economic Valuation, Internalization of
Externalities, Mainstreaming Biodiversity, Sustainable Development.