Sustainable development in industry requires specific applications for each industry, but general factors include laws that encourage development, improving human and capital resources, and political stability. Tax laws can inhibit or encourage growth, and developing human capital is important for growth.
The best recommendations for sustainable development in industry are dictated by the particular industry in question as there are many industries, with their own unique needs and development best practices. Examples of such industries include the automotive industry, the tourism industry, and the financial industry, to name a few. Each of these industries requires specific applications to achieve the right proportion of sustainable development in the industry. Regardless of these factors, some general applications can be used as a reference source for sustainable development in industry. Some of these factors include the enactment of laws that will encourage the development of the industry, concerted development efforts geared towards improving human and capital resources, and political stability in the various countries where the industries are located.
An important suggestion for sustainable development in the industry is the enactment of laws and regulations that will serve as a facilitator for such desired growth. These laws include the tax regime in a country which may act as an inhibitor of the proper growth of the industry where such regime proves to be an undue burden on the firms in the industry. This is particularly pertinent with the realization that the imposition of the tax can be used as a tool to encourage the growth of an industry or to limit growth. A good example of this can be seen in the tobacco industry, where various laws in different countries use high taxes on both consumers and businesses, along with other factors such as very strict guidelines regarding sales and packaging by manufacturers such as means of limiting the growth of that particular industry due to the undesirable attributes associated with it. On the other hand, the same government could use tax breaks or exemptions as a means of encouraging the growth of desirable industries, such as the renewable energy industry.
Another factor that can help in achieving sustainable development in industry is the development of human capital in that industry. For example, the improvement of human capital in the information technology sector has a direct relationship to the rapid growth of that particular sector. The same can be applied to other industries through the use of training courses and improving access to education for individuals who wish to enter that industry.
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