Traditionally, GDP/PCY is used by UN to rank countries to indicate their level of economic growth/ development. This way of ranking countries suffers from a number of limitations which arise from inherent shortcomings in GDP/PCY. GDP/PCY does not capture inequalities of income,leisure,regrettable necessities, services rendered by house M'ives and other institutions out of love and affection, availability of clean and healthy environment etc,. To get a better measure of well-being Human Development Index, Measure of Economic Welfare, Index of Well-being, Gross National Happiness, Wealth Index, National Prosperity Index, Genuine Progress Indicator, Physical Quality of Life Index and Index of Sustainable Welfare are suggested. The problem with the alternatives to GDP/PCY is that all of them, except HDI, are not quantifiable to be expressed in one figure. For a country to achieve a certain level ofwell-being, businesses have to reorient themselves from pure business activities to Socially Responsible Business activities. How to make business socially responsible is a problem by itself. Should we leave it to businesses or government should play a Proactive role in this remains an issue.