Sustainable Development
•Sustainable development has become a buzzword.
•According to WCED, ‘sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.’
•The definition underscores the need for society to ensure inter-generational equity in the sense that the present generation does not consume so much as to foreclose the option of the future generations to enjoy at least the present level of consumption and well-being.
•In simple words, sustainable development index does not decrease over time. Constancy of natural capital stock i.e. natural resources and the environment, is a necessary condition for sustainable development.