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CSR, tech revolution and bank crisis Much ado about nothing Oh my GOLD Skewed Economic Zones? Welcome Measures. Work for 10X Change Babes In the wood-RBI North block has little clue to curb inflation Jobs - Lost, Changed or Gained Welcome move to widen the tax net… Rail-road Rajaraman Indian GST – Between extremes… Ganesh’s mantras Better relations with UK... Sowing seeds of hope Healthy finances of the Chennai Corporation Cleansing Indian retail Sustainably developing manufacturing sector… Much can be done by us Little surplus after salaries, subsidies and debt servicing Tryst with GST Research for survival... Why (not) abolish? A dual GST that will protect prosperous states A gratifying record Two welcome measures from the chief minister... INDIA keeps its date with destiny Policy Makers Welcome rains for damaged roads... A historic indirect tax reform Sardar Sarovar – the seventy year itch Wanted: decentralised financial system The Great Fall BJP can now hasten its thrust for reforms Economy through the month Need plan over the long term planning A blueprint for the future Kudos to GIM organisers... You too T M Krishna? Low profile moves Why throw baby with bath water? MS Installed CAD and the emergency thereof Public investments and welfare will surge What the big B should offer? The deluge and the several kindly souls South India’s 100 most valuable companies Star of the South Deming awardees galore! An eco-friendly commute in Mysuru Focus on agriculture and human resources PC please be our Santa A tale of two Bihar babus A Fine division of responsibilities Truce at Kasturi Buildings Technology and economic development should be linked Strategic planning the missing link TN - so much to offer... Trail-blazing Tamil Nadu Chennai Airport-Ready for a rapid take off... If not Tamil Nadu, where else? An eventful week with VVIPs of Delhi In the horns of a dilemma Outward ho Miles to go... Land, land everywhere, but... Industry can’t get it from Mars, yet Weaving wealth of western Tamil Nadu Babes In the wood-RBI North block has little clue to curb inflation How will it PAN OUT 1800 parties registered with EC – Less than 60 contest elections Tax evaders’ get out of Jail-Free Card They add lustre to Padma Awards Make way for Make in India... After all, customer is the king When the examiner cheated... Reform this licence to…kill No groundnuts in groundnut oil! Need for radical RBI reform Well-administered State Breaking news or breaking credibility? It’s raining funds for states. Really? Pool energy prices Focus on southern TN...
 
Sustainably developing manufacturing sector…
The ‘Make in India’ campaign dreams of making India a manufacturing hub. Given ground realities, is there substance to this dream?

The first harsh reality is the perception of business in general. In India, people’s image of industry is largely of the brick and mortar type, owned and managed by private promoters in distant metros far away from the gaze of workers. Even public limited companies with a large body of shareholders are considered to be controlled by a core of private promoters. The natural feeling of workmen towards big industry is one of antagonism, expressing itself in the form of strikes and go slow practices, often tainted with violence. The local public behaves as if industry is an intrusion into its peace and tranquility and overlooks the gains and prosperity that industry can bring about.    

 

Job creation not at par with growth...

The second reality is that economic liberalisation aimed at overall national growth is seen to widen the marginalisation of the poor. This is due to the fact that job creation has not been at par with growth and in such a condition income disparities are bound to widen.

Thirdly, in the last three decades, industrialisation has come to be seen as disruptive of the natural environment as is reflected by the growing volume of public interest litigation against industrial projects. In consequence, proposals for greenfield projects or capacity expansions at existing locations have come up against a sequence of hurdles mostly in the form of delay in securing environmental and forest clearances. Hence, there is a national concern over the possible pace of economic growth.

Fourthly, external developments too have exacerbated the situation. Global warming and resultant climate change which are the consequences of industrialisation and rising standards of living in the developed world over the last two centuries, have come to cast their shadow over developing societies. The oft-cited threats of resources exhaustion and concepts like common responsibilities and inter-generational equity have thrown an added burden on the developing countries.  

As a responsible nation and an emerging force in global economy, India cannot keep away from this discourse.

 

Reorient from profit to people and planet...

Hence, government and industry must come to grips with these realities to make “Make in India” into a socially and environmentally realisable goal. In this joint effort, business has a greater role to play than the government. Business should reorient its approach from profit to people and planet. Milton Friedman’s adage, “the business of business is business,” is no longer true. Business needs to have a meaningful image makeover, both internally and externally.  

This brings us to two business mantras, namely Corporate Social Responsibility (CSR) and Corporate Sustainable Development (CSD).  Indian examples of financially successful companies committed to environmental and social sustainability are many. They are drawn from diverse sections of the industry, from power to pharmaceuticals, steel to software and construction to banking. These should be emulated to realise make in India in a sustainable way.

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