International Journal of Contemporary Research in Multidisciplinary

Jharkhand State contains 31.51% under total forest cover of its geographical area, currently experiencing high degradation rates, thus highlighting the need for conservation efforts and change in the forest management practices. The full potential of the forests in the state has never been quantified, the economic valuation approach considering both the use value and non-use value is capable of estimating the full range of benefits provided by the forests in the state. In the case of Jharkhand, forest degradation is a cause of concern rather than deforestation, as more than 45% of forests are unproductive. Soil erosion and vegetal degradation are the two major determining factors that increase land degradation in Jharkhand. The analysis of causes of land degradation and their extent is also very important in designing suitable policies to overcome degradation. This paper identifies the actual benefits derived due to the state's conservation and forest management practices. The Total Economic Value (TEV) concept has been used in deriving the costs and benefits.  The analysis of the cost of action versus inaction indicates the benefits that will accrue if the right approach and efficient conservation practices are undertaken.