It was the year of 1987, that the Brundtland Committee published its report and coined the term “Sustainable Development”. As per the committee, it defines sustainable development as “meeting the needs of the present without compromising the ability of future generations to meet their own needs”.

It aims to meet the needs of human beings with a concern for the environment, so that the needs of the future generations can also be met. With the brisk use of natural resources, we are on the verge of depleting them. The ever rising population and the growth of industrialization has also taken a toll on the limited natural resources we have.

In the 33rd G8 summit that took place in Germany, the issue of environment and meeting the Millenium development Goals took a centre stage. Even, the giants of the world, are now realizing the fact it’s not only about economical milestones to achieve, but they also have to have a vision for the future.

Conceptually, sustainable development has three basic components: environmental sustainability, economic sustainability and sociopolitical sustainability. This is like a tripod; and each pillar is extremely important and crucial to maintain the balance.

India also has fast realized the concept of sustainable development and several initiatives, both in the public and private sectors have been formulated in the recent years. It is expected that soon India will include the depletion of natural resources wealth as one of the components of measuring the Gross Domestic Product (GDP).

India currently stands 2nd in the global carbon credits market, and soon it is going to triple the number of credits to 246 million, by the end of year 2012, further strengthening its position. The contribution of the use of renewable energy in the commercial sector has risen to almost 65 percent from a mere 10 percent. The prolific use of green technologies in construction will soon put India ahead of countries like USA.

We have been growing at a steady pace for the past few years, and as per the projections of the planning commission, we expect a 10% growth in the next five year plan as well. But, the shift of the emphasis from mere economical growth to a wholesome growth can surely be seen. Whether its been the allocation of huge amounts of money in bettering the health services, or trying to improve upon the literacy rates by programmes like Sarv Shiksha Abhiyaan, the tempo has been set.

In the land of the “Argumentative Indians”, soon we will have, what is called as a more “balanced economy”.