The article examines the concept of development and various facets involved in the process. The article is composed on the strength of secondary data available in public domain viz. United Nations website, financial newspapers, journal publications available on internet and books published. The definitions as well as goals set out by the United Nations and their present status as to where the present achievements stand. It also examines the role of sovereign governments and various other players in the process. The “United Nations Development Programme” (UNDP) has defined goals in two parts and monitoring the same. In the first part Millennium Development Goals (MDG) have been set and the period ended by 2015 with acceptable achievement levels. The second set of goals, “Sustainable Development Goals” (SDG) are set and have to be achieved by 2030. Apart from UNDP, the apex organisation, the government of the country, central banks and corporates of each country have contributed to the development of each country. Role of these constituents is examined.