Write brief notes on the following:
Green GNP (or GDP).

Green GNP. GNP does not take into consideration the cost in terms of (i) environmental pollution, and (ii) depletion of natural resources caused by production of output. Mere increase in GNP will not reflect improvement in quality of life if it increases environmental pollution or reduces available resources for future generations. That is why concept of Green GNP has been introduced while measuring economic welfare.
Green GNP is defined as 'GNP which is indicator of a sustainable use of natural environment and equitable distribution of benefits of development.' This concept denotes the following characteristics (i) Sustainable economic development, i.e., development which should not cause environmental degradation (pollution) and depletion of natural resources (ii) Equitable distribution of benefits of its of development. (iii) Promotes economic welfare for a long period of time.
Expressed in the form of an equation:
Green GNP = GNP - Net fall in stock of national capital.