Thread: "sustainability"

DEFINITION: "sustainability" means our commitment to better long-term business performance through improved social,economic,and environmental practices.
sustainability is a new way of looking at the way we do business.. from top to bottom.
Dimensions of Sustainability: The three dimensions of sustainability with are usually refers as triple bottom line.

TRIPLE BOTTOM LINE

Economic Prosperity: The primary objective of any business is creating revenues and profits, so how is this going to be achieved here the issues like wealth maximization Vs profit maximization, free market comes in to play.

Indian context of economic prosperity: India is witnessing a tremendous economical growth ever in its history, the GPD has closed into a 1Trillion, Share Market capitalization has crossed a Trillion, Transnational companies and MNC are witnessing an increase in net profit of 30%.

Free market: According to the financial Minister of India Mr.P.Chidambaram the countries economic growth is because of the entrepreneurs and Smes and this clearly shows the effects of the free market practice, government of India has opened up it foreign direct investments policies recently this has resulted in billions of $ flowing inside India creating a competitive business environment which delivers better quality at affordable price, Example: telecommunication cost in India is the lowest because of worldwide players like Orange, Vodafone, then investment for companies like singtel in Bharthi has created a revolution in telecommunication in the country.

GDP: The GDP is on boom the currency is on rise Rupees is the strongest currency in Asia against the US$.

Is GDP projecting the correct picture to other countries this is the common debate. Still there are farmers who are committing suicide, people suffering for a day’s meal and huge income gap

The flaw of GDP is that if a person grows his own vegetables and food and consumes it, is not taken into account or cannot be taken into account. 60% of countries labour employed in agriculture (Source: Economy of India - Wikipedia, the free encyclopedia) I personal feel due to corruption and other flaws in the country the is an equal parallel black money and economy in the country so GPD might be misleading.

Social Equity: Most of the products we use in our day to day life come from various countries and companies where taste and preferences are different, way of doing business are different people mind set is different the best way adapt to this is stick to basics which are common on all grounds which include Ethics, Fair trade practices human rights.

Indian context of social equity: In urban cities where today there is demand for skilled labour and staff, cast and religion can not be practiced practically it is a positive thing but where India is have the highest number of villages in the word it is still being followed
Talking about the fair trade practices heavy taxation policy’s like 16% exercise duty on manufacturing 12.5% on Value added tax interstate taxes have made the fair trade practices worst in India more and more companies and individuals cheat the government for paying taxes.


Environmental Quality: The talk of the global is environmental issues we are being affected for all the pollution created in past years and present years, already environmentalist predict an 2-4 degrees change in the temperature this has a adverse effect on things like monsoon with will effect agriculture products, if this issues are not taken seriously all activates will come to still in the future.

Indian companies include cottage industries village and town industries and then comes Sme's lack of knowledge and financial resource has caused huge environmental issues.

Other smes in the urban cities have the knowledge but still lacking in implementation of environmental standards.

It is the ethical principle of achieving equity between the present and future needs. It is associated with the Corporate responsibility, Economic prosperity, Social equity that seeks solutions to the Social, Environmental challenges that deliver long term value.
I would like to choose INDIA as my example for sustainable development implementing country. Let us see how sustainability has been taken place in INDIA.

Dimensions of sustainability

There are few dimensions of sustainability that each developing nation has to focus on. They are
1. Economic and business dimensions
2. Social cultural dimensions
3. Bio physical dimensions
Economic and business dimensions:
Indian economists believe that the country has good growth rates, low inflation rates, falling interest rates and robust export rates for past 10 years. The impact on the growth of Indian economic environment based on these issues. Say Free market economy, GDP. Economic sustainability is achieved only through free plans of market sources and development of business units only . Eg., by offering free services in market over limited period makes profit in attraction of customers and setting up the small business enterprises helps to increase in country’s income economy and it would be financially stable if and only it sustains stable.


Socio – cultural dimensions:

In INDIA, quiet difficult to practice socio cultural perceptions because of many linguistic styles and their trends. The four approaches related to socio cultural issues helps them to have an awareness among these issues and to run their business for life term basis in various different lifestyles and to develop the skills to apply ethical principles and stakeholder approach to a local business for calculating fair payment beyond sustainable needs to promote health care, education and community growth preserving natural resources and cultural traditions corporations rights violations and benefits of human rights standards. Eg., Tata group of companies having above all the qualities . regarding ethics they follow legal and business ethics by providing honesty and professionlism . regarding fair trade pricing styles. They have different branches all over the country successfully running for best fair trading policies

Bio physical dimension:
Adopting biophysical is quiet possible . because now Indian government understood the needs of biophysical environment which helps to protect environment and ecosystem . these dimension helps to assist sustainability though the functions of regulation, habitat, production, sink and information . best practicing example in India is kerala government’s environmental dimension is said to be good practicing example. Kerala government banned the usage of polyethene and plastic products and suggesting the people to keep the environment to keep green and clean and harvesting of rainwater in each house is made compulsory for future wants and creating awareness to the people among sustainability issues in environment.