Meeting the basic needs of all that requires distribution of resources is our moral responsibility. It becomes a moral obligation to handover the earth to the future generation in good order. But, it is realized that if the resources (non-renewable) are utilized fully then these will deplete so fast that it will not meet the production capacity of the future generation.
(ii) The economic development achieved today in
such manner cannot be sustained for a long time as the production capacity of the future generations in absence of productive resources reduces. Therefore, sustainable development is the process of economic development that aims at meeting the needs of the present generation without comprising the needs of the future generation.
(iii) Sustainable development maximizes welfare of both present and future generations. In other words, it is that process of economic growth that is sustained over a long period of time without causing any fall in quality of life of the future generation.