Ocean Accounts

With increased focus on ocean-based economic development, the preparation of ocean satellite accounts (also known as marine economy satellite accounts or core ocean GDP accounts) is slowly gaining importance. Ocean accounting is important and useful on many counts, as it helps us understand the role of oceans and coasts in the economy, among others. Several countries have initiated discussions to develop ocean accounts in different ways. India’s ocean accounting efforts can be strengthened by drawing on key learnings from international experiences and adapting them to the Indian context. The implementation of ocean accounting could pose several challenges. Drawing upon international experiences and existing commentaries on the subject, the article lists some of these challenges that must be considered while preparing India’s ocean accounts.