The publication of the Brundtland Report titled 'Our Common Future' in 1987, gave animpetus to the concept of sustainable development. In the post Brundtland era, nations allover the world are concerned whether the development policies followed by them aresustainable or not. Sustainability Indicators are in the category of green national accountsand are different from conventional indicators of economic growth. The main areas ofdiscussion in this thesis are firstly to interpret the Brundtland definition of sustainabledevelopment in terms of satisfaction of needs. A simple interpretation of the BrundtlandCommission's definition of sustainable development is that for development to besustainable per capita human well being should be non- declining over time. Human wellbeing depends on the utility of individuals and utility is dependent on the consumption ofmaterial needs and non- material needs. Although the importance of sustainabilityindicators is considerable, the challenge lies in developing frameworks to valueenvironmental goods and services and integrating economic and environmentalaccounting into the same platform. The study focuses on the importance of measuringnon material needs or assigning monetized values to assess natural capital for strongsustainable development. The thesis is spread over different chapters focusing on someissues related to sustainability indicators such as weak and strong sustainability, importance of critical natural assets in maintaining quality of life on earth, developmentof Environmental Net National Product, environmental valuation techniques and doseresponse functions to mention a few. The thesis describes the calculation of a clean airindex for measuring quality of life in selected urban areas of India. At the end, the thesishighlights some limitations of developing sustainability indicators and suggests new areasof research in the areas of resource, environment and growth economics.