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Sustainable Economic Development For A Progressive Society
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A successful economic development strategy must focus on improving the skills of the area’s workforce, reducing the cost of doing business and making available the resources business needs to complete and thrive in today’s global development – Rod Blagojevich
This is perhaps the best definition of a successful and sustainable development plan for today’s world. It is perfect for the current situation in India as India is slowly moving towards the right direction – that of economic development. However, the biggest challenges that India is facing at this point of time are internal issues like the ever increasing population, lack of proper infrastructure, healthcare, poverty, gender bias and illiteracy.
The Road to Economic Development
The most important step for the overall growth of India is a robust economic plan. It is extremely vital that India follows a sustainable economic development module of business. Thankfully the Indian corporate structure has adapted the Corporate Social Responsibility Module which works towards a sustainable environment and economic cause.
Though both ecological and economic sustainability are extremely important for the growth of the nation, economic sustainability is an extremely important initiative. The biggest challenge at the moment is tackling the problem of illiteracy because education has the power to resolve most of these issues. An educated society is the foundation of sustainable economic development.
The CSR structure has developed a few initiatives towards the development of the Indian economy. Though the major aim of these initiatives is to bring about awareness about various sustainability measures in the society, economic development initiatives across the country are an important agenda.
These initiatives are developed under the Corporate Responsibility and the main aim of the same is as follows.
To attain economic stability, which will help in the overall development of the society
To create job opportunities in the society, so the local youth can benefit from the same
To promote the invention of methods that encourages a sustainable ecosystem for a sustainable society.
Raising funds and donating towards social causes like illiteracy, healthcare, infrastructure, sanitation etc, especially for the underprivileged members of the society.
To maintain a proficient revenue and tax system which can help improve the infrastructure within the region and promote other social causes like quality education and free healthcare drives for senior citizens.
These initiatives under the corporate responsibility module help in improving the social living conditions, especially for the underprivileged and also help in overall improvement within the society. The main aim of these initiatives is practicing and supporting economic sustainability. Since corporates and big businesses have a major clout, raising funds for such social causes becomes much easier for them.
The good thing is these initiatives are not just restricted anymore to just big businesses and corporates. Even small business owners have started adapting CSR initiatives as it raises their brand value and also provides their business with a distinct identity. In respect to the competition, small businesses with CSR initiatives get a competitive edge. Due to this, small and big business and the Indian corporate sector are all contributing towards the sustainable development of the society.
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