ECONOMIC SUSTAINABILITY IN BUSINESS

Author Name: DR. MUNILA NAQVI

Volume: 01 &  Issue:

Country: INDIA

DOI NO.: 08.2020-61117662, DOI Link: http://doi-ds.org/doilink/08.2020-61117662/

Affiliation:

1. Assistant Professor, Bora Institute of Management Sciences, NH-24 Near Sewa Hospital, Sitapur Road, Lucknow, Uttar Pradesh, India            E-Mail Id: drmunilanaqvi@gmail.com

ABSTRACT

This paper is aimed at understanding how businesses can reconcile the need to be environmentally and socially sustainable with the demands of a market based system, whose key elements of measurement are profit and growth. The patron of Economics “Adam Smith” once asked the question: How does a society prevent the profit hungry individual from holding up their fellow citizens to keep in pace with the market trends. So this can be done, through economic sustainability, efforts are being taken in this regard to reap large scale benefits, and provide long lasting support to the society and its people, by meeting up the increasing demands.Business sustainability is often defined as managing the triple bottom line, a process by which companies manage their financial, social and environmental risks, obligations and opportunities. These three impacts are sometimes referred to as profits, people and planet. These elements are combined with the forces of economy to generate better and profitable results.It particularly aims at exploring economic aspects of an organisational sustainability thoroughly, and tries to figure out the ways to incorporate it in the organisational framework. Economic sustainability can be achieved when requisite demands are met, that helps the economy to generate heavy gains, There is an urgent need to develop a system where sustainability is achieved in the business in terms of economic and social grounds.

Key words: Market based system, Increasing demands, Environmental risks. Profitable results, Organisational framework.