Parameters of measuring economic development and business performance had always been of great interest not only to economists but also to the policy makers, administrators and business community. Business schools had been accordingly making their students oriented towards achieving these parameters .Last couple of decades have seen many new concepts for evaluating both economic development of a country and financial performance of a business.This paper aims at discussing these emerging parameters and the role Business Schools will be required to play in near future in orienting their students towards the new parameters of evaluation economic development and business performance. Scope of the paper is limited to this aspect. Some of the measures suggested to Business schools in the paper are only indicative and it is not a comprehensive road map for achieving this objective. The author has emphasized the need for all concerned with this task to come together and design a detail plan of action for this purpose.