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What Are the Best Tips for Sustainable Development in Industry?

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  • Written By: Esther Ejim
  • Edited By: Kaci Lane Hindman
  • Last Modified Date: 24 November 2016
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The best tips for sustainable development in industry are dictated by the particular industry in question since there are many industries, with their own peculiar needs and best development practices. Examples of such industries include the automobile industry, the tourism industry and the finance industry, to mention a few. Each of these industries require specific applications in order to achieve the exact proportion of sustainable development in industry. Regardless of these factors, some general applications may be used as a source of reference for sustainable development in industry. Some of these factors include the enactment of laws that will encourage the development of industry, concerted developmental efforts geared toward the improvement of human and capital resources, and political stability in the various countries where the industries are located.

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An important tip for sustainable development in industry is for the enactment of laws and regulations that will serve as a facilitator for such desired growth. These laws include the taxation regime in a country that may serve as an inhibitor of proper growth of industry where such a regime proves to be too much of a burden for the businesses in the industry. This is especially pertinent with the realization that the imposition of tax can be used as a tool to either encourage the growth of an industry or to restrict the growth. A good example of this can be seen in the tobacco industry where various laws in different countries utilize high taxes on both the consumers and the businesses, in conjunction with other factors like very strict guidelines regarding sales and packaging by the manufacturers as a means of restricting the growth of that particular industry due to the undesirable attributes associated with it. On the other hand, the same government might utilize tax relief or exemption as a means of encouraging the growth of desirable industries, such as the renewable energy industry.

Another factor that can help in the attainment of sustainable development in industry is the development of the human capital in that industry. For example, the improvement of the human capital in the information technology industry has a direct relationship to the rapid growth of that particular industry. The same can be applied to other industries through the use of trainings and the improvement of access to education by individuals who may wish to enter that industry.

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