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