With the corporate sector assuming greater power in resurgent India, its resposnibility towards the economic well-being of the nation and entire social fabric has increased manifold. This was observed by P S Subramanyam, the chairman of the Rs 56,200-crore public sector monolith, UTI, and heads of four corporate houses in Ahmedabad recently.The occasion was presentation of the `Legend of Corporate World Awards', instituted by Rotary Club of Ahmedabad, to Arvind Narottam Lalbhai of Lalbhai Group, Kumarmangalam Birla of Aditya Birla Group, Ashwin Nagarwadia of Ingersoll Rand (I) Ltd and Dinesh B Patel of Sintex Industries Ltd (in absentia)
Referring to the ongoing debate on the role of business in society, all the speakers welcomed the change in the nation's economic policy which has helped corporates grow in size and stature.
Subramanyam said it was about time corporates rose above their basics of economics aimed at maximisation of profits and understood that they have an obligation to give a portionof profits back to the society from where they have come.
Incidentally, he said, the cardinal principles of the Rotary International movement fostered the ideal of service as a basis of worthy enterprise. The objectives of Rotary though framed a century back very well defined the role of corporates even in the modern context:
The development of acquaintance as an opportunity for service The recognition of high ethical standards in business and profession, worthiness of all useful occupation and dignifying each Rotarian's occupation as an opportunity to serve people The application of the ideals of service in each Rotarian's personal, business and community life The advancement of international understanding, goodwill and peace through a world fellowship of business and professional persons united in the ideal of service.Subramanyam wished each corporate head undergo the same four-way test as Rotarians do:
Is it the truth? Is it fair to all concerned? Willit build goodwill and better friendships? Will it be beneficial to all concerned?Replying to the felicitation, Arvindbhai Lalbhai said he had always felt that he had been nearer to social work rather than industry, inherited from his forefathers. He said the importance of modern technology, quality of production and competitiveness have increased during the last one decade. But at the same time, the business houses were required to do a fresh thinking about their role in the society.
Kumarmangalam Birla, one of the youngest industrialist to preside over one of the largest business houses in the country, said his company with a workforce of 1.25 lakh people accorded top priority to team work.
Ashwin Nagarwadia said the secret of his company's success has been to understand each and every employee of the organisation and recognising individual excellence.
However, all agreed that the industry in the new role model has to be more innovative, competitive and responsible to the society.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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