The wind of sustainable development - An Indian perspective

At the present juncture concept of sustainable development has received growing recognition and, but still it is a new idea for many business executives. For most, the concept remains Abstract and theoretical. No doubt protecting an organization's capital base is a well-accepted business principle. Yet organizations do not generally recognize the possibility of extending this notion to the world's natural, social and human resources. If sustainable development is to achieve its full potential, it must be integrated into the planning and implementation systems of business enterprises. And for that to happen, the concept must be articulated and debated at various spheres so that it will be familiar to business leaders.

Sustainable Development is defined by World Commission on Environment and Development (WCED) as “Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”¹

What the definition says is that “Development and Growth” in form of rapid industrialisation, urbanisation, sophisticated infrastructural development at the cost of “ Nature, Social Values, Ethical Values, Adherence to Law and Order etc” does not really sense what it literally means. It is undoubtedly true that we should develop, but simultaneously we should protect and take utmost care of our nature and natural resource, corporate social responsibility (CSR) and societal values, complying national and international rules and relations and developing eco-efficient and clean technology etc. Also another important thing is that our growth story should not compromise with is the ability of the future generation to meet their own needs.

In this paper appropriate discussion has been made on how being a responsible corporate citizen, one can aid sustainable development through responsible corporate governance and sustainable reporting practices besides others factors like eco-efficient technology, ethical corporate citizenship and proper legal compliance etc.