‘Lifestyle for the Environment (LiFE)’, the concept introduced by India in November 2021 at COP26 in Glasgow, envisages replacement of ‘use-and-dispose’ approach with a circular economy. It is aimed at driving ‘mindful and deliberate utilisation of natural resources and adopt sustainable consumption lifestyles’, to protect and preserve the environment. LiFE requires increasing awareness among people to change their habits. This requires fundamental shift in our approach to life vis-à-vis nature. It is now evident that degradation in air, water, forests, wildlife would adversely affect environment and wellbeing. These environmental and ecological products may not be part of the market hitherto, but degradation in these has led global community to rethink on evolving an appropriate mechanism that can guide judicious and eco-friendly use of natural resources. Time has come to account for these aspects in the GDP and facilitate more informed decision-making at the national level for the benefit of society.