Vice President emphasizes the need for ethical corporate governance in Industry

New Delhi: The Vice President of India, Shri M. Venkaiah Naidu today emphasizes the need for ethical corporate governance in Indian Industry.

Speaking at the centenary year celebrations of the Jamshedpur city, the Vice President said that some people took undue advantage of the system, and industry has a duty to eschew such elements.

Observing that a company’s ethics, values, and social responsibility play an important role in building its reputation, Shri Naidu said that conducting business in an ethical manner builds confidence among customers and investors.

He appreciated the Tata Group for being synonymous with high ethical standards and the pioneering spirit of entrepreneurship.

Shri Naidu also called upon the industry to shed its hesitation to make investments to facilitate economic growth.

Calling industry and agriculture as two eyes of nations, he opined that industry must compliment the efforts of government to achieve desired economic progress.

Describing Public-Private Partnership (PPPs) as one of the best models for development in a developing economy like India, the Vice President said that PPP models would lead to improved efficiency and faster delivery of services.

“In my view, it is the best way forward to develop infrastructure and other projects that give a fillip to economic growth”, he said.

Referring to the recent policy interventions of the Reserve Bank of India, Shri Naidu said the measures were aimed at lowering the cost of funds for banks and providing funds to the industry.

He said that loans to the automobile sector, residential housing and micro, small and medium enterprises have been kept outside the purview of the cash reserve ratio, which at present stands at four percent of banks’ deposits.

Pointing out that the Reserve Bank of India had projected a GDP growth rate of six percent for the financial year 2020-21 he said that investment outlook in the Indian economy has begun to show signs of improvement and the inflation pressure was likely to ease in the financial year 2020-21.

Calling for incentivization of the wealth creation and increasing the ease of business, Shri Naidu cautioned against freebies. “Distribution without production will lead to ruin”, he said.

Stating that automation was expected to play a major role in the coming years and the workers of the future would have to be highly adaptable, the Vice President urged all business enterprises and manufacturing units to train and re-train their employees to face future challenges.

Shri Naidu opined that there was no dearth of talent in India, we only need to identify the talent and nurture it. Maintaining that this was not the responsibility for the governments alone, he called upon the industry to supplement the government’s efforts in skilling.

“Bridging the skills gap among the workforce must become an essential component of every organization’s activities,” he said.

Observing that a large part of our economic activity was dependent on agriculture and sectors allied with it, the Vice President opined that there was an urgent need for collective efforts to make agriculture profitable and sustainable.

While appreciating the government for its efforts to increase farmer’s income, Shri Naidu urged the private sector to contribute by constructing cold storage facilities, providing transport facilities from villages to the nearby market yards as part of their CSR activity.

Stating that ensuring a viable, sustainable livelihood for those living in rural areas should the priority for all, the Vice President said that it would reduce the forced migration from rural areas.

Describing the climate change and terrorism as twin global challenges, Shri Naidu urged the world community should come together to tackle these challenges.

Insisting on making the development sustainable, the Vice President said that the time has arrived for the private sector to increase its investments in new and renewable energy. “It will not only reduce the cost per unit considerably but would also reduce India’s dependence on fossil fuels,” he added.

Stating that there was no place for violence in a democracy, the Vice President called upon everyone to come out of the evil influence of violence. Ballot is always better than bullet, he highlighted.

Shri Naidu recalled the contributions and the legendary role of JRD Tata, in setting up India’s first steel plant at Jamshedpur and said that he was not only a doyen of the Indian industry, but also was a visionary leader who foresaw a rising India.

Appreciating various sports facilities created in Jamshedpur, the Vice President called for greater focus on sports and fitness. He said Fit India, Swachh Bharat Mission, Yoga should become people’s movement.

Shri Naidu complimented all the citizens of Jamshedpur on the completion of 100 years of their city and wished that the city continues to be a role model for sustainable urban development.

On this occasion, the Vice President also visited the Center for Excellence and Tata Steel Archives in Jamshedpur wherein he was briefed upon the journey of hundred years Tata Steel.

After the event at Tata Steel, the Vice President also visited the hundred year old Andhra Bhakta Sri Rama Mandiram, in Jamshedpur city and performed puja and interacted with devotees.

Governor of Jharkhand, Smt. Droupadi Murmu, Jharkhand Minister, Shri Champai Soren, Postmaster General of Jharkhand, Shri Anil Kumar, senior officials of Tata Steel and functionaries Workers’ Union were present on the occasion.