Environmental consideration of economic development has been attracting attention of the western intellectuals for more than half a century. From 1970 onwards we find a large number of writings that

pointed out the danger of self-destructing nature of growth of the modern society. The study published in 1972 under the title 'Limits to Growth' or its updated version 'Beyond the Limit' as published in 1992 portrayed an extremely pessimistic vision of the future of this world and predicted the cessation of growth process after a certain period of time. Thus the environmental repercussions of economic activities led the people to think about the kind of growth process that can be continued over time. The study published under the title ‘The Ultimate Resource’ envisaged an unending process of growth but this seems to an extremely optimistic vision of the real world situation. The concept of sustainable development, as it appeared in the Brunt land’s report (1987) and got widely accepted in agenda 21 of the Rio conference in 1992 seems to reconcile the concept of environment and development in a meaningful way.