The world economic thinking has traversed a long journey from growth to development and sustainable development. The concept of growth became a catchword in the wake of Second World War which had brought unprecedented destruction in the life of many countries in its trail. It entailed greater emphasis on GDP and the idea of distributive justice was sidelined. After few decades, it dawned on the concerned minds that despite overall growth of wealth, the inequity both in intercountries and intra-societies is becoming a problem of unmanageable proportions. Such a realization led to a new concept of development where emphasis came to be laid on overall well being and all round development of the people. That involved a number of new policy measures both at the national and international level. Meanwhile a kind of conflict situation emerged between human being and nature leading to ecological crisis. Thus even the new idea of development was proving unequal to the task of maintaining equilibrium between economic development and its future sustainability. Thus an innovative idea of sustainable development became the swan song of development economists.