Prior talking about Economic Growth,
let’s first discuss “Economics”. What is the meaning of economics? How it is
related to our life, to our surroundings? Ever wonder why the stock market
crashes? Why Food Price rises and what makes the banks declare bankruptcy? Do
terms like inflation ring a bell? Why is economics needed at all?
Well, Economics is the study of
the production and consumption of goods, transference of wealth to produce and
obtain these goods. It is a tool by which bureaucrats interact with markets to
fulfill a specific goal. Since it is the driving force of human interaction to
market, it helps us to decipher some of the government policies and steps taken
hence.
Economic Growth on the other hand
is the capacity to satisfy the needs and wants of the economy over time. So,
for economic to grow, country has to grow as a whole. It means an overall development
of the industrial sector, ample foreign exchange reserves, employment opportunities,
self sufficiency in food etc. Such a never ending pursuits always involves huge
cost.
Since the inception of human civilization,
Mother Nature has bestowed us with natural resources. The exploitation of these
natural resources led us to an arena of power where all the players come forth
and play for their survival. So, what are the rules of the game? Well, the most
important and materialistic rule is the survival of the fittest. And the team who
is injured in contemplating this is none other than our own environment. There
are always two sides of coin. No industry can be expected to spend just
millions of dollar just to prevent the degradation of the environment. If electricity
is to be produced at Rs 10 per unit, then the same unit can’t be sold at Rs 5
per unit. It is a vicious cycle in which low cost gives us high profits and
loss is attributed to the philanthropic environment. As a consequence, we ubiquitously
face earthquakes, Tsunami, droughts. Pollution has reached its epitome. Global
warming is hampering the living of the wild life. Deforestation has lead to the
extinction of Wild Life species. We have allowed the economic growth to
endanger our very own existence.
As per the current situation,
things are in motion and can’t be left undone. They need to meet their own ends.
But this does not mean that we can’t tweak demean towards nature. We have to
direct our industries, our plants to the eco-friendly ways of production. We
need to build a worldwide consensus revolving around the controlling all types
of pollution.
It is high time that we embrace bitter
truth and look forward to accept environment as a pivotal pillar of
development. Economic growth and development goes hand in hand. The winning
ribbon of sustainable development can only be reached by their togetherness. Ultimately
we have to make the choice about what type of future do we want to pass on to
our coming generation. A future which has nothing but a sabotaged world or harmless
eyes having dreams waiting to be accomplished!!!!!!!
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