Shashank Shekhar
Ranchi (Jharkhand) : The Vice President of India M Venkaiah Naidu on February 17, 2020, emphasised on the need of ethical corporate governance in Indian Industry. Speaking at the centenary year celebrations of the Jamshedpur city in Jharkhand, Naidu said that some people took undue advantage of the system and industry has a duty to eschew such elements. He 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.
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 said 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, he 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,” Naidu said.
Referring to the recent policy interventions of the Reserve Bank of India, 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.
Maintaining 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 incentivisation of the wealth creation and increasing the ease of business, Naidu cautioned against freebies. “Distribution without production will lead to ruin,” he added.
He said 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, Naidu called upon the industry to supplement the government’s efforts in skilling.
While appreciating the government for its efforts to increase farmer’s income, Naidu urged the private sector to contribute by constructing cold storage facilities and providing transport facilities from villages to the nearby market yards as part of their CSR activity.
Appreciating various sports facilities created in Jamshedpur, Naidu called for greater focus on sports and fitness. He said Fit India, Swachh Bharat Mission, Yoga should become people’s movement.
He 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.Naidu also visited the Center for Excellence and Tata Steel Archives at Jamshedpur where he was briefed on the journey of hundred years Tata Steel.
After the event at Tata Steel, Naidu also visited the hundred year old Andhra Bhakta Sri Rama Mandiram at Jamshedpur city and performed puja and interacted with devotees.
Jharkhand Governor Droupadi Murmu, Jharkhand Minister Champai Soren, Postmaster General of Jharkhand Anil Kumar, senior officials of Tata Steel and functionaries Workers’ Union were present on the occasion.