Role of Business in Sustainable Development

Responsible business has always contributed for societal development. Various competing
schools of thought have scrutinized the role of business in sustainable
development. Business leaders the works over have recognized the need to strike
a balance between the corporate goals of efficiency and social goals of
effectiveness.  While technical and
economic efficiency do not necessarily contribute to social effectiveness.
Sound business models seek to capture the two in one metric and thus create
win-win situations.

As per the United Nations, the World Bank and other international organizations FDI
investments by private companies should enhance a process of sustainable growth
that minimizes the damaging effects on the
environment.

The Government alone cannot deal with the issues of sustainable development.
Collaborative partnership amongst governments, businesses and civil societies
is the call of the day.