'Concept of Sustainable Development helps to maintain equilibrium between economic development and conservation of resources'. Critically analyze this statement.

Protection of the environment has assumed even more importance in recent times with increased industrialization resulting not only in overdrawal of natural resources but also pollution of air, water, flora and fauna. While development is essential to every economy, it is also essential that no irreparable damage is caused to the eco-system. Hence, the approach would necessarily be that of 'sustainable development' to balance the exigencies of industrial growth against the trade offs in environmental concerns. It is essential for the people who live now to use the resources of earth sustainably and prudently so that they do not deny certain benefits to future generations. Modern states use the natural resources of the earth recklessly. This will result that the Earth will not be able to support everyone unless there is less waste and extravagance. We should, therefore have, a new approach to future, that is, to secure a widespread and deeply held commitment for sustainable living. We have to integrate conservation and development, conservation to keep our actions within the earth's capacity and development to enable the people everywhere to enjoy long, healthy and fulfilling lives. The aim of development is to improve the quality of human life. It should enable people to realize their potential and lead lives of dignity and fulfilment. Economic growth is part of development but it cannot be a goal in itself. Some of universally accepted goals are, healthy life, education, access to the resources needed for a decent standard of living, political freedom etc. Most important principle of the 'sustainable development' is to conserve the earth's vitality and diversity. Development must be conservation based. It must protect the structure, functions and diversity of the world's natural systems on which our species depends.