Sustainable Economic Development

Balancing the need to use resources and also conserve them for the future is called sustainable development. In the year 1987, The world Commission on Environment and Development (WCED) released its report. 'Our Common Future', Known also as the 'Brundtland Report' that gave the definition of sustainable development. As per this report, sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Inherently the concept of sustainable development is inter- twined with the concept of carrying capacity. Carrying capacity is the maximum number, density, or biomass of a population that a specific area can support sustainably. 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.

Environmental outlook is the base of sustainable develop- ment. Sustainable development can be defined as the practice of maintaining the productivity by replacing re- sources used with resources of equal or greater value with- out degrading or endangering natural biotic systems. 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.

Sustainable economic development stands for ecological social and economic development achieved by maintaining conservation of all natural resources, so that the future generations can also use them for their development. 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.

Sustainable economic development stands for ecological social and economic development achieved by maintaining conservation of all natural resources, so that the future generations can also use them for their development. 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.

Neemrana is located in Alwar district of Rajasthan State. Almost all of the development works done here are based on sustainable economic development model.

Sustainable tourism is the tourism that takes full account of its current and future economic, social and environmental impacts, addressing the needs of visitors, the industry, the environment and host communities. The main objective of sustainable tourism is to manage tourism and environment while maintaining cultural integrity and ecological processes

The India-Norway Task Force on Blue Economy for Sustainable Development was launched jointly by the Indian Prime Minister and the Norwegian Prime Minister during her visit to India in January, 2019. The purpose of the task force is to develop and follow up joint initiatives between the two countries.

Social capital basically comprises the value of social relationships and networks that compliment the economic capital for economic growth of any country. Social capital involves the effective functioning of social groups through interpersonal relationships, a shared sense of identity, a shared understanding, shared norms, shared values, trust, cooperation, and reciprocity. Thus, in the context of any country it is, the level of mutual trust and harmony in the society.

Human capital formation refers to the process of developing and improving the skills, knowledge and abilities of individuals. It is the process of acquiring and increasing the number of persons who have the skills, capacities, knowledge and experience which are essential for the economic and political development of a country. Thus, statement 2 is correct.

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.