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

Author :
Reported On :
Sector :
Shoulder :
RELATED NEWS
ABOUT IE
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
 
PRIVACY POLICY
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
TERMS AND CONDITIONS
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
 
CONTACT US
S-15, Industrial Estate,
Guindy,
Chennai - 600 032.
PHONE: +91 44 22501236
EMAIL: indecom1968@gmail.com