Compatibility of economic growth and sustainability a study of theory and practice

Economic development is important for economic growth. But it requires that resources of a country should be used in such a way that it does not affect the future of new coming generations. Concern about sustainability helped to launch a new agenda for development and environmental economics and challenged many of the fundamental goals and assumptions of the conventional, neoclassical economics of growth and development. India is booming and sustainable development becomes increasingly more important: According to a United Nations report, India's population currently encompasses about 1.2 billion people and is expected to grow by another 300 million within the next couple of decades. With cities generating two-thirds of the country's economic output, an increasing number of Indians are leaving rural areas to seek employment in cities, relying on an efficient urban infrastructure. By 2030 it is predicted that 68 Indian cities will each have more than one million inhabitants and six mega cities, more than ten million each. The rapid growth of cities causes a large number of challenges, including insufficient power supply, unreliable public transportation systems and limited access to adequate medical treatment. Sustainable development is the ability of present generations to meet their needs without compromising the future generation's ability to do so. In simpler terms, we should use the resources judiciously, be it water or fossil fuels or something else. As per me, sustainability was aptly defined by the father of our nation, Gandhiji through his quote: "Earth provides enough to satisfy every man's need, not every man's. Whereas Growth is a concept in economics which implies equitable distribution of economic growth among all the participants in the economy. In simpler words, it implies that even the marginalized should benefit from the impact of economic growth. This concept is important in case of country like India considering the wide disparity in economic status among the population.