What is corporate sustainability? Discuss the role of organizations in sustainable development in India.

Sustainable development (SD) is the development that meets the needs of current generations without compromising the ability of future generations to meet their needs and aspirations and it can be pursued in many divergent ways. Corporate Sustainability is a business approach that creates long-term shareholder value by embracing opportunities and managing risks deriving from economic, environmental and social developments. Corporate sustainability describes business practices built around social and environmental considerations. Sustainability is to maintain a balance between the businesses and the society, doing business activities without wasting the resources of the nature for the development and betterment of the whole society. Role of organisations in sustainable development in India Sustainable development requires that businesses rearrange their significances and take the lead in execution of the Sustainable development Goals by implementing sustainable business practices. Some important elements of this dual role include: Businesses can help in economic growth: Private businesses involvement in the economy can harness opportunities for export-oriented production by creating and expanding economic opportunities as well as better participation in global and regional value chains. Indian Government is promoting "Make-in India" policy to support productive capabilities that drive its growth. Business enterprises play a major role in the economic growth of any economy. Businesses help in creation of employment: Creation of employment can lift the people out of poverty especially women and youth. Government of India started "Skill India" programme and under Ministry of Skills Development and Entrepreneurship for skill updation. Businesses have a clear and significant role to play in this programme through generating work opportunities. Businesses should follow low carbon development paths: Business models have to be developed within the standards of sustainable development in the future. They have to focus on low carbon development paths compiling with the environmental standards by using more creative use of technologies. New sources of renewable energy: In India 70 percent of greenhouse gas emissions are because of thermal energy and 25 per cent of households don't use modern energy. Sustainable Energy for All (SE4All) can be achieved by harnessing renewable energy opportunities. There is enormous untapped solar and wind energy in India. As a result, India launched National Solar Mission which can generate 100,000MW of solar power by 2022. Businesses can thus shrink thermal energy consumption by investing in renewable energy and thus can enhancing energy efficiency. All these opportunities can pay rich dividends while decreasing our carbon consumption. Sustainable Urbanization: Urbanization offers enormous commercial opportunities for infrastructure and services which can support sustainable development. By 2050 Indian cities are expected to accommodate more than 50 per cent of the population, which lead to India's 100 Smart Cities proposal. These new cities will be established on the basis of public-private partnerships. And the role played by businesses increases more towards sustainable urbanization. Way towards Green Banking and Financial Services: Financial institutions should highlight sustainable development in their lending programmes through green banking and financial inclusion. In this regard Indian Government's Jan Dhan programme on financial inclusion is a major success as 115 million people have bank accounts. Frugal innovations: Indian companies are known for their frugal innovations especially in engineering and technology field that led them to the development of useful and affordable products. Frugal innovation generates more business and social value while optimizing available resources and the businesses have to invest in these approaches in future. Corporate Social Responsibility (CSR) activities of business: CSR is an important aspect of the contribution of business enterprises to achieving the SDGs. The primary delivery of sustainable development outputs must be through business practices themselves. With the new company law requiring 2 per cent of profits to be reserved for CSR the businesses can effectively channelize these resources into sustainable development priorities.