Living in a sustainable environment refers to living in a socially and economically developed environment. Creating a sustainable developed society refers to increment in the quality of life within the community using the skills of the population and ecological services that remain for a longer time. Various areas integrate to bring up the sustainable development in the society that includes sustainable ecological development, sustainable economic development, and sustainable social development. These three are the pillars of sustainable development.
Every pillar is interrelated to each other. Sustainable economic development is the basis of sustainable development. It refers to economic growth that strives to meet the daily needs of humans maintaining natural resources and the environment. Various natural resources factors that are responsible for economic development are land, natural resources, labor, and capital (produced from natural resources and land). The social ripples strive to generate awareness and create measures towards economic development in such a way that the daily needs of humans are met without compromising the ability of future generations to meet their daily needs.
We can define sustainable economic development as a technology-based process that helps to raise the economic life of every individual. For example, it aims at moving the agriculture economy to an industrial one or the commercial economy to technological-based trade. It is all about creating development plans to improve the economic state of every individual of the society by implementing a series of successful economic strategies. Using the present environmental assets is the best way to promote economic growth and development as it will give employment opportunities to most of the population. One of the aims of sustainable economic development is to make individuals make self-sufficient and self-reliable.
Goals and objectives of sustainable economic development
Increase in national income
It is one of the main objectives of bringing sustainable economic development. It is because it contributes to improvement in the living of the individuals. It also aims at strengthening the structure of trade and industry that helps to improve the economic life of many individuals by creating employment opportunities.
Increment in the natural resources investments
It aims at bringing the investments in natural resources present in the country by supporting the public infrastructure nearby the state lands and also support in production and maintaining the natural resources and supporting the public services.
Capital support services
It refers to provide required economic support to the weak public capital.
Token exchange
This goal and objective aim at focusing on the development of trade. It includes the follow-up of trade exports and imports. It mainly aims at promoting trade between the developing countries and other countries to fulfill the basic needs of the population.
External debt management
Its aim is at finding ways to repay the external debts.
The indicators of sustainable economic development are the Gross National Product and the Gross Domestic Product. These two are the perfect definition of economic welfare.
