A nation’s ability to achieve and sustain long-term economic growth is determined
by its propensity to increase productivity through the use of better technology, together with human and physical capital.
However, in the never-ending race for social and economic growth by all nations, the word ‘Sustainability’, which is significant for us and more for the coming generations, has been forgotten by most of us.
The modern concept of sustainable development was defined in 1987 by the Brundtland Report1 as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”
Thus, when we talk about well-being of our future generations, sustainability needs to be at the core of the discussion.
For India, the underlying principle of development is ‘through everyone’s support, for everyone’s development and towards everyone’s trust’.
This mirrors the essence of the 2030 Agenda for Sustainable Development, of ‘leaving no one behind’.
Therefore, Sustainable Development has to address the hopes
and aspirations of the millions of people below the poverty line and has to keep the poor and the marginalised at its centre.
We are conscious that India’s actions and experience, with its one-sixth of the world’s population have global implications and attract interest and attention of the world.
As a country leap frogs itself to acquire modern dimensions of development, it realises the need and significance of the growing inter-connectedness and inter-dependence between nation states.
India, too, is no exception in this regard. Connection, Innovation and Transformation have been the byproducts of globalisation and the exponential growth of the internet. In the case of India, we opened our doors to the outside world in 1991,
with our policies of liberalisation, privatisation and globalization; since then the economic and social growth of the nation had seen a significant rise.
When we start thinking about the current world economic conditions, we are exposed to everything and anything in any part of the world,
which was seen in the 2008 world economic crisis and the later European economic crisis.
In these crises, India was least affected owing to its economic stability, which was mainly due to its strict economic policies along with
the support of its strong public sector companies such as the insurance (Life Insurance Corporation) and the national banking sectors.
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