India’s economic growth has received a strong impetus in post 1991 era. This increased economic growth is mainly and directly is a result of country’s better monsoons and the free trade movement that started in that year. Clearly the lethargic economic development was associated with greater protectionism and policy makers seemed to have learned an important lesson from 1950 to 1990 era. The free trade movement of 1990s has shown positive results in economic terms. The future economic growth therefore depends heavily on the speed of privatization and globalization.
At the same time, corporate sustainability challenge represents a tall order for the business world that is accustomed to worry about the next contract and the annual financial performance rather than climate change, ecosystem capacity and poverty issues. The emerging requirements for corporate support to sustainable development probably represent a cultural shock that will take time to sink in the business way of thinking and working. Practically and realistically only the very successful companies could take up the challenge and hopefully will establish the required new sustainability bound business models that can be followed more widely in the future.
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