Sustainable Economy and Business: A Retro Analysis from the Lens of Shri Ramcharitmanas

What the paper says

Sustainability has become an inevitable prefix in the lexicon of economic development and business thought. It encourages pro-people and pro-planet policies, decisions and behaviours in all aspects of economic and business endeavours. As a behavioural construct, Sustainable Economies and Businesses (SEBs) essentially imply a moral imperative rooted in economic and business ethics and societal values and beliefs. This study develops a moral framework for SEBs, shaped by culture and tradition. By retrospectively analysing beliefs, visions and practices, this paper addresses current and future challenges in achieving sustainability. Drawing on Shri Ramcharitmanas, a Hindu scripture, this study explores five key social transgressions: politics without principles, wealth without work, pleasure without conscience, knowledge without character and worship without sacrifice. These moral shortcomings provide a foundation for a sustainable moral template. The scripture emphasises right knowledge, compassion, ethical leadership and governance, and the ethics of war and competition, all of which form essential components of this framework. Utilising binary analysis, the study introduces Ram Rajya, or the ideal kingdom of virtue, as a model for sustainability. The principles outlined in Shri Ramcharitmanas advocate for a sustainable and inclusive development paradigm that aligns with global initiatives such as the Sustainable Development Goals (SDGs). In conclusion, the paper calls for the integration of these ancient moral values into modern educational systems, public policies and business practices. By internalising ethical insights from Shri Ramcharitmanas, economies and businesses can shift toward more environmentally responsible, socially equitable and morally driven strategies, fostering a balanced and equitable global society.