Solution: “Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs”. It contains two key concepts: • the concept of ‘needs’, in particular the essential needs of the world’s poor, to which overriding priority should be given; and • the idea of limitations imposed by the state of technology and social organization on the environment’s ability to meet present and future needs. This definition was met with some controversy, specifically the part about solving the global poverty problem and the ‘overriding priority’ it had over the other issues. People argued that environmental sustainability should be priority number one. Because if the environmental problem isn’t solved, the other problems won’t matter due to well cataclysmic events and the end of the world as we know it.
Consider the following statement regarding the Reserve Bank of India's (RBI) actions and reports, on foreign currency liquidity management,
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