It is therefore necessary for the developed and developing countries to act together to meet the challenge of sustainable development. Alternatively, economic policy makers may opt for framing a growth strategy of no net loss of environmental assets so as to ensure sustainable development. Real output is measured by Gross Domestic Product (GDP) at constant prices, so that the effect of price rises on the value of national output is removed.Sustainable economic growth means a rate of growth which can be maintained without creating other significant economic problems, especially for future generations. Never before have human beings needed to learn to live in ‘one world’ as now.”. Rio conference held in 1992 where 150 countries participated was an important milestone in defining the concept of “sustainable development”. It is evident that meeting the consumption needs of future generations when the world population is estimated to increase by an additional 3 billion by 2050 requires substantial changes in consumption and production pattern. Plato wrote: âIf a man neglects education, he walks lame to the end of his life.â ... truly one of the most powerful instruments for reducing poverty and inequality and it sets the foundation for sustained economic growth. Sustainable development refers to “meeting the needs of the present generation without compromising the needs of future generation”. A sustainability revolution is taking placeâfrom an old economy that is high carbon, high pollution, waste intensive, and ecologically disruptive, to a new economy that is low carbon, low pollution, energy/ resource efficient, and ecologically supportive. Moreover, the effort has been to ensure equitable access to environmental resources and quality for all sections of society, in particular to ensure that poor communities which are most dependent on environmental resources for their livelihoods are assured secure access to these resources. Promoting policies that encourage entrepreneurship and job creation are key to this, as are effective measures to eradicate forced labour, slavery and human trafficking. How we drive sustainable development The World Business Council for Sustainable Development (WBCSD) is a global, CEO-led organization of over 200 leading businesses working together to accelerate the transition to a sustainable world. PreserveArticles.com is a free service that lets you to preserve your original articles for eternity. Sustainable development is an economic and social development that meets the needs of the current generation without under determining the ability to future generations to meet their own needs. There are many challenges that pose a serious threat to sustainable development from climate change and increasing water scarcity to low resilience to natural disaster and biodiversity and ecosystem loss. destroyed during a year. rising HDI) Employment effects â sustained growth stimulates jobs and contributes to lower unemployment rates which is turn helps to reduce income inequality. It is generally accepted that these countries need growth in order to develop. Caroline Lucas And, using a persistent organic compound like DDT can mean life threatening pollution for human beings and other life forms in the remote polar regions of the world as these compounds are slowly but steadily carried to these regions by the world’s oceanic currents and air streams. Role of Government in Sustainable Growth and Development of the Countries Business and Economy, Essay on Planning for Development Strategy and Sustainable Growth of India Economy. The Relationship of Economic Development with Urbanization and Environment. To destroy and over-exploit the natural resources indiscriminately and pollute the environment will though raise the short-term growth rate and living standards of the people will have adverse effect on the long-term future growth and the quality of life of the future generations as the latter will have smaller natural resource base and poor quality of environment. Environmentally sustainable economic growth refers to economic development that meets the needs of all without leaving future generations with fewer natural resources than those we enjoy today. Content Guidelines Therefore, the emphasis for developing countries is on the need for progress, a desire to have social and economic grâ¦ All the articles you read in this site are contributed by users like you, with a single vision to liberate knowledge. the economy by most authors. Fortunately, we have the instruments to tackle these challenges. It is a process whereby the development can be sustained for generation. The strong sustainable development agenda followed by India incorporates rigorous environmental safeguards for infrastructure projects, strengthening of the environmental governance system, revitalizing of regulatory institutions, focusing on river conservation, and efforts for improvements in air and water quality, on a continuous basis. The importance of economic stability Economic stability ensures stable prices, job creation, and a balance of debtors and creditors. Content Filtrations 6. This was spelled out in considerable detail in agenda 21, which set out general principles for sustainable development and framed blueprint for conservation and use of forests and suggested important steps that are required to be taken to generate an environmentally stable and sustainable planet. In living standards and greater consumption of goods and services should be factored in to planning. 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