Environmental degradation is drawing phenomena attention of the academicians and policy makers. A good lot of research has piled up on the linkages between economic activities and the environment and has emphasized the need for new development models and policies that take due account of environmental concerns.

During, the last two decades because of rapid and indiscriminate industrialization all over the globe, the most precious heritage of man-the natural environment is in danger. However, realizing that all human activities impinge on the natural environment concern for protection of environment has gained momentum. While most development decisions used to be based on economic profitability in the past, today it is realized that investments in environmental conservation and pollution control measures enhance the productivity in the long run, rather than be a stumbling block in the path of development. With increasing global consciousness about the conservation of environment, India, too has woken up to a policy of developing ‘environmental friendly technology’ that gives it an added edge in the already conscious world market.

In short, to sustain economic growth and development, policies, regulations and incentives need to be established that will induce environmentally rational behavior among people. Natural environment, man ’s most precious heritage, has been suffering a tremendous onslaught by reckless development activities. Till recently, most development decisions hinged on the twin criteria of technical feasibility and economic profitability. However, realizing that all human activities impinge on natural environment, the world’s attention was drawn towards building up an international movement for protection and conservation of natural wealth.