“Growth is one aspect of the process of economic development.” (Sen, 1983, p. 748). Development is multi-dimensional process, involving re-organization and re-orientation of entire economic and social system. It is the most important challenge, and every nation strives for it. During 1950s and 1960s, development was taken as an increase in output, based on the economic efficiency; diverted to distribution aspect of income in the early 1970s and, then, to the sustainable development during 1980s. Sustainable development refers to the process, whereby a nation is enabled to utilize the available resources in a more productive manner, so as not only to ensure a continual increase in the output of goods and services, but also to that the future generations do not remain deprived of the resources (Hogendorn, 1987).