Define the term 'Sustainable Development'. What are the fundamental principles of Sustainable Development?

Sustainable development is a broad concept and it combines economics, social justice, environmental science and management, business management, politics and law. Sustainable Development indicates development that meets the needs of the present generation without compromising with the ability of the future generations to meet their needs. The principle behind it is to foster such development through technological and social activities which meets the needs of the current generations, but at the same time ensures that the needs of the future generation are not impaired. The contribution of sustainable development to corporate sustainability is twofold: First, it helps set out the areas that companies should focus on: environmental, social, and economic performance. Secondly, it provides a common societal goal for corporations, governments, and civil society to work towards ecological, social, and economic sustainability. Four fundamental Principle of Sustainable Development agreed by the world community are as under: Principle of Intergenerational equity: Need to preserve natural resources for the future generations. Principle of sustainable use: Use of natural resources in a prudent manner without or with minimum tolerable impact on nature. Principle of equitable use or intra-generational equity: Use of natural resources by any state / country must take into account its impact on other states. Principle of integration: Environmental aspects and impacts of socio-economic activities should be integrated so that prudent use of natural resources is ensured.