The selection and implementation of projects is a complex process that involves various stakeholders and factors. One of the critical elements in this process is the evaluation of costs and benefits associated with the project. Cost-benefit analysis is a widely used method for evaluating the feasibility of projects. A crucial component of cost-benefit analysis is the discount rate, which is used to calculate the present value of future costs and benefits. However, the traditional discount rate approach does not account for the social impacts of a project, which can lead to inequitable outcomes. The social discount rate is an alternative method that incorporates social considerations into the decision-making process. This paper explores the role of social discount rate in the project decision-making process. We examine the concept of social discount rate, its application in cost-benefit analysis, and its implications for project evaluation. We argue that the use of social discount rate is critical in promoting sustainable development, ensuring equity, and enhancing the welfare of society. Our findings suggest that incorporating social considerations into project evaluation can lead to more informed and socially responsible decision-making.