Sustainable Development: Business Economics

Sustainable Development Meaning

Sustainable Development is defined as development that meets the need of the present without compromising the ability of future generations to meet their own needs. If the country adopts a sustainable development strategy, its GDP growth rate may not be very high but it will be sustainable over a long period of time.

Sustainable Development

Explain any seven goals of Sustainable Development

  • Sustainable Development is defined as development that meets the need of the present without compromising the ability of future generations to meet their own needs. If the country adopts a sustainable development strategy, its GDP growth rate may not be very high but it will be sustainable over a long period of time.
  • The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by all United Nations Member States in 2015 as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030.
  • The 17 SDGs are integrated—that is, they recognize that action in one area will affect outcomes in others and that development must balance social, economic, and environmental sustainability.

Sustainable development goals

  1. Ending poverty: Some of the achievements in the area of poverty reduction are, The Mahatma Gandhi national rural employment act MGNREGA. Deen Dayal Antyodaya Yojana National livelihoods mission provides skills employment to the marginalized communities. Pradhan Mantri Jivan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana provide access to life and accident insurance for 130 million subscribers for a nominal annual premium. Atal Pension Yojana provides pensions to workers in the unorganised sectors.
  2. Ending Hungers, Achieve Food Security and Improved Nutrition and Promote Sustainable Agriculture: The following are the sum of the achievements and initiatives in this area. Programmes under the National Food Security cover more than 800 million people. Digitalization of ration card using Aadhar for authenticating delivery of benefits. Land under organic farming has increased to 2 lacs hectare. Issuing of 62 million soil Health Cards. Digitalization of agriculture Marketing has taken place support to the farmer for encouraging micro-irrigation.
  3. Ensure Healthy Life and Promote well Being for All: The National Rural Drinking Water Programs has expanded its coverage. The government has taken a step to initiate universal health insurance for a family below the poverty line. The national health mission has been expanded in coverage and programmes. Target-oriented National health policy announced in 2017.
  4. Achieve Gender Equality and Empower All Women and Girls: Initiative has been taken during the last few years for promoting gender equality, women empowerment centers are being established for the providing comprehensive service at the village level. The flagship initiative is Beti bachao beti padhao. A maternity benefits programme has been launched for all pregnant and lactating mothers.
  5. Build Resilient Infrastructure, Promote Inclusive and Sustainable Industrialization, and Foster Innovation: The initiative in this area is an expansion of all forms of transportation make in India initiative. Startup India program and Atal Innovation Missions have been launched to promote entrepreneurship. Digital India initiative to build the digitally empower society.
  6. Conserve and Sustainable use Ocean, Sea, and Marine Resources: The coastal ocean monitoring and prediction system track the level of marine pollution along with coastline. Significant progress has been made with respect to the preservation and the management of the Marine ecosystem.
  7. Revitalise the Global Partnership for Sustainable Development: To make India a destination for global investors the following initiatives are taken, the tax reform in the form of implementation of Goods and Service Taxes (GST). Further consistent policies have been opened up the economy to Foreign Direct Investment (FDI). Enhancing Development Corporation with the neighboring and another country to bring the innovation and expert services of this country.

Examine various skills development and training programmes

  • The government has launched some ambitious programs to achieve economic development. The core principle of sustainable development growth has been kept in mind while designing the programs.
  • Skill India scheme was launched in July 2015 with the aim to train over 40 crore people in different skills by 2020. The main goal of the program is to create opportunities and scope for developing the potential talent and skills of the youth and enhance the capacity to be either employed or self-employed.

It includes the following government initiatives

  1. National Skill Development Mission: The mission has been developed to create convergence across sectors and states in terms of skills training activities. It is a part of the ministry of skill development and entrepreneurship.
  2. National Policy for Skill Development and Entrepreneurship 2015: The objective of the policy to meet the challenges of implementation skills India initiative. It aims to providing common skills skilling standards, aligning all skilling activities carried out in-country, identify various institutional frameworks that can help to reach the objective of Skill India.
  3. Pradhan Mantri Kaushal Vikas Yojana: This is a scheme for skill training of youth to be implemented by the Ministry of Skill Development and Entrepreneurship through the National Skill Development Corporation. This scheme will cover the 10 million youth during 2016-20. Training and assessment fee is under the scheme are entirely paid by the government.
  4. Skill Loan Scheme: The scheme was launched in 2015 to support the youth who wish to go through the skills training programmes in the country. It replaced an earlier similar scheme.

Make In India

Make in India initiative is an initiative of the Government of India to encourage domestic and foreign companies to manufacture their product in India. It was launched by Prime Minister Narendra Modi on 25th September 2014.

The key purpose of the initiative is to create a healthy environment for investments in 25 focus sectors are, Automobiles, Road and highway, Tourism and Hospitality and Wellness, food processing pharmaceuticals mining oil and gas renew renewable energy extractors, Aviation auto components, Biotechnology chemical, construction defence, etc.

The four key areas of make in India to promote manufacturing and entrepreneurship.

  1. Policy initiative and new process
  2. Robust infrastructure
  3. Focus sectors
  4. New mindset/ approach

The objective of the make in India

  1. To promote the growth of the manufacturing sectors and increase the relative contribution of this sector to the GDP of at least 25% by 2020
  2. To increase investment in the manufacturing sectors to enhance the production capacity
  3. To build the best in class manufacturing infrastructures.
  4. Encourage large-scale job creation and entrepreneurship.
  5. To improve the ease of doing business in India’s manufacturing sector.
  6. To project India as a preferred investment destination.
  7. To make India a global manufacturing and design hub.
  8. To promote skill development innovation and high quality.
  9. Protect and attract a high level of intellectual property.

Achievements of make in India

  1. Foreign direct investment inflow increased from 60.billion USD in 2016-17.
  2. Ease of Doing Business: India rank 100th in the World Bank Ease Doing Business ranking out of 196 countries according to World Bank Group’s report in 2018.
  3. Sectors Specific Achievements: FDI in innovation group 6 times, 7 mega food processing park made operational, 1.5 lakhs MSM units setup providing employment to the 11 lakh persons, pharmaceutical industry grew by 29%, Electricity generation group 5.8%.

Invest in India

Invest in India is the official agency dedicated to promoting facility investment in India. It was set up in 2010, as a joint venture between FICCI, DIPP (Development of Industrial Policy and Promotions), the ministry of commerce and industry, and the state government. It is a not-for-profit organization. It aims to become the first reference point for a global investor interested in investing in India. It provides sector-specific and state-specific information to foreign investors. An Investor Facilitation Cells has been launched on the invest India portal in September 2015 to guide and assist the investors.

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Reference: Manan Prakashan, Smart Notes

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