Sustainable Economic Development

In other words, the carrying capacity of an environment is the maximum population size of a biological species that can be sustained by that specific environment, given the food, habitat, water and other resources available. It is the margin of the habitat's or environment's ability to provide the resources necessary to sustain human life.

Sustainable development binds together concern for the carrying capacity of natural systems with the social, political, and economic challenges faced by the humanity.

While the modern concept of sustainable development is derived mostly from the 1987 Brundtland Report 'Our Common Future', it is also rooted in earlier ideas about sustainable forest management and 20th century environmental concerns.

As the concept of sustainable development developed, it has shifted its focus more towards the economic development, social development and environmental protection for future generations.

It is such economic development that attempts to satisfy the needs of present generation but in a manner that sustainable natural resources and the environment for future generations. Sustainability involves managing food, energy, water, waste, and ecology. Organizations are adopting sustainable practices to create a prosperous society. Examples include:

Micro-Farming: Farming on small plots of land to reduce carbon emissions, boost local economies, and improve food security.
Solar Power: Reducing electricity costs and creating jobs through government incentives for solar panel installations.
Creating Water: Transforming air into water using technology, especially useful in arid regions.
Waste Recycling: Reusing or refurbishing items to reduce landfill waste and create new materials.
Fish Farming: Raising fish in controlled environments to prevent overfishing and protect coastal ecosystems.

Sustainability involves managing food, energy, water, waste, and ecology. Organizations are adopting sustainable practices to create a prosperous society. Examples include:
Micro-Farming: Farming on small plots of land to reduce carbon emissions, boost local economies, and improve food security.
Solar Power: Reducing electricity costs and creating jobs through government incentives for solar panel installations.
Creating Water: Transforming air into water using technology, especially useful in arid regions.
Waste Recycling: Reusing or refurbishing items to reduce landfill waste and create new materials.
Fish Farming: Raising fish in controlled environments to prevent overfishing and protect coastal ecosystems.

• Biodiversity protection - Sustainable tourism helps protect biodiversity by preserving natural habitats and endangered species.
• Eco-friendly accommodations- Using renewable energy, water conservation systems, and waste reduction practices in hotels and lodges.
• Climate action - It contributes to climate action by reducing greenhouse gas emissions and promoting the use of renewable energy sources.
• Cultural preservation - Helps maintain and promote local traditions and heritage.
• Community development - Empowers local communities through inclusive growth and equitable resource distribution.
• Diversified income - It helps diversify income sources for local communities, reducing reliance on traditional industries that may be environmentally harmful.
• Social equity - It promotes social equity by ensuring that the benefits of tourism are distributed fairly among all stakeholders.
• Quality over quantity - It emphasizes quality experiences over mass tourism, leading to more satisfying and enriching travel experiences.
• Economic growth - It supports local economies by creating jobs and generating income for local communities.

Norway is a country that exports 70% of Norway's maritime industry and thus is an expert in the Ocean Economy. These new dimensions in the Indian-Norway relations would help India in a deeper understanding of the maritime industry.

Both countries, India and Norway, desire the advancement of scientific knowledge about the blue economy. Further, the task force's basic purpose is to develop and follow the joint initiatives of India- Norway.

The key points of the opening of the India Norway Task Force on the blue economy intend to mobilise stakeholders from both the countries at the highest level and ensure the commitments and progress across ministries and related organisations.
The blue economy is the import and export of marine resources.

The key points of the opening of the India Norway Task Force on the blue economy are that these resources are helpful as it leads to sustainable development and contributes to the economy of the country. Since India has three water bodies surrounding its boundaries, the inability to utilise marine resources is a major issue.

These issues are due to a lack of manpower that is skilled for the same and technological advancements. Thus the blue economy is a high priority for India, so it can be helpful in solving such issues.

Further another major step taken by India is the key points of the opening of the India-Norway Task Force on the blue economy. This step is also beneficial for the advancement of relations between India and Norway.

Intangible wealth of a nation is comprised of the skilled population, human resource base, culture, arts etc. Hence, statement 4 is also correct.

Statement 1 and 3 are incorrect because they are part of gross capital formation (GCF) representing physical capital.