Role of Entrepreneurs in Promoting Sustainability in India

Role of Entrepreneurs in Promoting Sustainability in India

Manish Nangia (National Institute of Fashion Technology, Delhi, India) and Sonali Roshan Saldanha (National Institute of Fashion Technology, Mumbai, India)
Copyright: © 2020 |Pages: 9
DOI: 10.4018/978-1-5225-9940-1.ch003

Abstract

The concept of sustainable development arises from a global perspective of seeing survival, progress, and the continued, improved life of human beings and their society. Sustainable development entails all processes of fundamental change in the social system and institutions. All businesses need to grow and be profitable. Companies in the public and government sectors are developing sustainable methods of manufacturing process and market development strategies. Corporate Social Responsibility, or Corporate Sustainability, has a crucial social component as companies think of profiting and ways and means to protect the environment. Sustainable innovators create new products and services designed to solve the problems created by the impact of economic growth, increasing population, and diminishing natural resources. The new awareness of global warming is set and there are efforts from the entire earth to address this challenge.
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Introduction To Sustainable Development

Sustainable development has arisen from a global perspective. A need for survival, progress and continued improved life of human beings within society in which they dwell. It entails all processes of fundamental change in our social system and institutions. The new global awareness of climate change is set. According to report dated 08th October 2018, Gro Harlem Brundtland, Acting Chair of the Elders, London, said “This report is not a wakeup call, it’s a ticking time bomb”, and there are efforts from the entire earth to address this challenge and support the planet’s life as well as the social and economic systems which are interconnected and interdependent. The 1987 report of the World Commission on Environment and Development (the Brundtland Commission), developed focus on the idea of carrying capacity, planning and intervention in unsustainable practices as well as the enhancement in efficient resources. Companies in the public and government sectors are developing sustainable methods of manufacturing process and market development strategies. To grasp new avenues and opportunities there is a need for careful research, detailed and informed analysis along with controlled decision making. All businesses today need to grow in order to survive and sustain in this competitive era and ever-changing consumer demands have given way to market diversification. The ever-changing market conditions and advanced technology challenge the companies to reinvest, redesign and reposition themselves in this fierce market. All business needs to grow and yet grow profitable.

Corporate Social Responsibility or Corporate Sustainability has a crucial social component as companies are thinking of making a profit as well as looking for ways and means in order to protect the environment in which they dwell. Sustainable innovators create new products and services which are designed to solve the problems created by the impact of economic growth, including but not limited to increasing growth of population and diminishing natural resources in the society. A search for dynamic integrated solutions which is in the process of safe-guarding our ecological system, protecting our environment from hazardous effects comprising of improved human health performances, improved quality of life and financial and social security for all the human kind is need of the hour.

Innovations in sustainability have seen a wave of change in the 1980’s and 1990’s. Presently, it comprises of a wave of creativity led by growth in population of innovative entrepreneurs and business ventures. The innovations are applied right from the raw materials, use of resources, product designs, company procedures, marketing strategies, logistics, supply chain, and so on and so forth. The emphasis is on renewable energy, technical solutions to reduce pollution and use of safe raw materials to produce finished goods. All these can be viewed through a sustainability lens. All companies therefore urge a need to explore possibilities of various efficient sustainable business practices and be in better positions to handle any situation that may cause concerns for environmental as well as economic downturn.

Objectives of the Study

The Main Objective of this Study

  • 1.

    To analyze the role of Innovation in promoting Sustainable Development in India.

    • Sub-Objectives of the Study

Two important sub-objectives are given below:

  • 1.

    To analyze the role of Creativity and Innovation in promoting Sustainable Business Practices in India.

  • 2.

    To analyze the strategies adopted by Govt. of India in promoting the concept of Make in India.

Research Methodology

Sources of data collection: The secondary data increase the reliability, usefulness, validity, accuracy and importance of descriptive analysis. Data is collected from various published Books, Reports, Journals and Magazines. Some unpublished Information collected from manuscripts, research papers, articles, seminars and workshops. The significant source of secondary data is used from previous researches, research articles, newspapers and business magazines, different departmental magazines, annual reports, summary and websites for which references are incorporated.

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