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Sustainable Economic Development - The Right Track For Industrial Growth
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When the Brundtland Commission came up with the concept of 'sustainable development', it meant "meeting the needs of the present without compromising the ability of future generations in meeting their personal needs."
In a sustainable development model, Biological sustainability, social welfare and economic sustainability are the important principles of growth.
What is Sustainable Development in Business?
The Indian Government starting adapting the sustainable pattern of living for their endeavors in most rural and urban projects. The Government did its best in promoting sustainability in the minds of the India population, but in reality the sustainable development concept was introduced in India when the Indian corporate sector started practicing and promoting it. The main aim of sustainable development in the Indian corporate sector is to achieve a sustainable economic development pattern while promoting environmental sustainability. The fact is, for long term economic growth, environmental sustainability is of extreme importance, especially since we are working with limited resources. Economic Sustainability will ensure that there are enough job opportunities for everyone and there is a constant development in India’s economic growth.
Aspects of Economic Growth in a Sustainable Development Pattern
Economic growth implies the industrialization or development of trade and industry which can help India transition to a modern industrial nation with a high income economy. Since the Corporate Social Responsibility (CSR) movement in India, the new term used for economic growth is Sustainable Economic Development. Here are some of the important principles of the concept of Economic Sustainability.
• The most important principle of sustainable economic growth is achieving economic prosperity in a way that makes it conducive to the development of the society and promotes economic sustainability.
• Adapting production methods that do not cause any harm to the environment
• Providing and creating job opportunities within the society, in short promoting social sustainability
• Creating a proficient tax and revenue structure, as this can aid in the development of infrastructure, health initiatives and education within the society.
These are a few of the many principles of the concept of a sustainable economy, which can help to maintain and if possible enhance the quality of life, environment and the economy of India.
Role of CSR Initiatives
Corporate Responsibility plays an important part in making a sustainable economy a reality. Many industries in the Indian sector are now adapting a CSR initiative so they can play a part in the welfare of the society as well as promote a sustainable economy.
Another aspect of adapting corporate responsibility for individual businesses is creating a unique place for the company, as CSR initiatives are considered as Unique Selling Propositions (USP) for the business. This USP can give them a competitive edge in the minds of the target consumers as against the competition. Ethical values like philanthropic work or charity drives organized by companies may not be done with an intention of business promotion, but in a country like India, a do-gooder is always noticed. Overall, a business usually benefits by adapting the economic sustainability module.
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