The term ‘Sustainable economic development’ acquires a major importance in the economic parlance of countries all across the globe. World has witnessed major economic development in last century. Industrial revolution of two centuries back has resulted into all round economic growth and prosperity across the nations. But the major beneficiaries of this economic boom have been western countries.
Major parts of Africa and Asia lagged behind in this context. The difference of economic chasm is so stark that, terms like ‘First world countries’ and ‘Third world countries’ were coined. On the one hand, poverty has reduced in many countries along with overall increase in income but at the same time, this economic growth has not spread equally along all spheres of economy.
To go further into the issue, inclusive growth has remained a mirage. There is a huge gap in income distribution, almost to the point that rich has become richer whereas poor have remained same. In view of such conditions, sustainable economic development plans are the need of the hour.
Sustainable economic development strives for reducing poverty and equitable use of resources. The means adopted consist of minimization of depletion of environmental dilapidation, social unsteadiness, economic resources and cultural disorder.
It also aims to use the resources in a judicious way so that present as well future needs be met. Now a day’s biggest concern is rapidly diminishing of natural resources, whether it is oil, minerals, energy sources or food etc. Because of the rapid industrialization, natural resources have suffered the most.
We are also constantly struggling with environmental issues. World has taken notice to this grave scenario and has started to address the issue by focusing upon economic as well as environmental and socio-political sustainability so that future generations can meet their demands. Different means of energy conservation, alternate energy resources, nature protection and equal distribution of income have been taken to ensure sustainable economic development.