A recent report by the National Council of Applied Economic Research comparing benefits and costs of mining and forest services finds that mining benefits outweigh the costs they impose. A scrutiny of the methodology of the report suggests an overvaluation of social benefits and undervaluation of social costs. The report also deviates from received practices in environmental valuation of forest benefits. Its conclusions therefore are inaccurate and state policy must be cautious while allowing activities that may cause irreversible damages to Goa's natural wealth.