ANALYSIS ON THE ECONOMIC BENEFITS OF SUSTAINABLE PRACTICES IN ENHANCING WEALTH CREATION AND EQUITABLE RESOURCE DISTRIBUTION
Author(s):
LAXMIDHAR JENA, Prof. Mohd Masood Ahmed
Keywords:
Economic, Sustainable Practices, wealth creation, Equitable Resource Distribution, etc.
Abstract
Considering sustainable development is more crucial in our daily lives. For an extended period, it has served as a means to safeguard the environment and foster economic and social development. However, what is the true essence or significance of that? Sustainable development, as defined by the United Nations, refers to the process of achieving development that fulfils the current requirements while safeguarding the capacity of future generations to fulfil their own needs. Sustainable development is centred on the objectives of waste reduction, pollution mitigation, and inequality reduction, all while ensuring the continuation of economic progress. It considers the enduring consequences of human actions and their influence on the environment. Essentially, the goal is to create a more improved global environment that benefits all individuals. There are various advantages of sustainable development for both individuals and the environment. The purpose of this initiative is to enhance the overall well-being of individuals by recognising the interconnectedness of environmental, economic, and social concerns. From an economic perspective, the implementation of sustainable practices has the potential to foster a more robust, secure, and efficient environment. Sustainable economic growth refers to the ability to continue economic expansion without generating any adverse economic issues or complexities. Sustainable development is the act of promoting economic growth over an extended period of time while avoiding the depletion of resources. If one has an inclination in comprehending the elements that influence sustainable development and economic progress, it might be beneficial to get an understanding of its nature and significance. From a social perspective, implementing sustainable practices may enhance the cohesion of communities, enhance the overall standard of living, and instill optimism for a more promising future.
Article Details
Unique Paper ID: 167379

Publication Volume & Issue: Volume 10, Issue 12

Page(s): 3122 - 3127
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