The rate of environmental degradation in India has perhaps surpassed the rapid rate of economic growth in the country. The scale of damages is so large that they cannot be relegated to the category of localized problems. They are global problems[1]. The already fragile global ecological systems are being strained even further. Demanding compliance with strict environmental standards would significantly retard the pace of growth in the economy and exacerbate their problems of poverty and unemployment. Innovative thinking to facilitate growth whilst protecting and restoring natural endowments is warranted. Some contemporary decision
