Sustainable development

The concept of sustainable development, which was first coined by the Nobel Laureate Simon
Kuznets, has assumed larger meaning in the context of corporate social
responsibility. In the context of globalization sustainable development is
closely intertwined with the concept of transnational externalities. Operations
of global citizens are not restricted by national boundaries. There exists a
scope to drive a wedge between vanguards of economic efforts and
beneficiaries/victims of environmental outcomes. In this Context it makes good
sense to suggest that sustainable development must look forward to striking a
fair trade off between economic outcomes in the present and those in the
future.

In other words, sustainable development when tied to corporate social responsibility
seeks to achieve an inter-temporal balance in the judicious use of resources
for economic gain. Thus sustainable development being one of the greatest
global challenges in this era has not escaped worldwide notice. Political and
business leaders at the international and national levels are stressing the
need for global sustainable development.