The Hindu Business Line : `Make values drive growth'

SETTING STORE BY ETHICS: (From left) Mr Nandan M Nilekani, CEO & MD, Infosys Technologies, Mr R. Seshasayee, President, CII and MD, Ashok Leyland Ltd, Dr Jamshed J. Irani, past President, CII, and Director, Tata Sons Ltd, and Mr M. Lakshminarayan, Chairman, CII (SR) and Joint MD, MICO Bosch, at a conference in Bangalore on Thursday. — G.R.N. Somashekar

Bangalore April 5 For values and ethics to flourish in a vibrant economy like India, there was need to move towards a market led economy with an inclusive growth pattern said Mr R. Seshasayee, President, CII. Increase in demand, information arbitrage and use of discretionary power would trigger corruption, he said while delivering the special address at the Conference on "Economic Growth — Values and Ethics as Drivers'.

"The highest growing countries are those where corruption is also high," said Mr Seshasayee, adding, "There is a need to create an environment where values can flourish, and bring inclusiveness and public participation in the growth model. Unless this happens, there will be a shortage of values," he said.

strategic need

Also speaking on the occasion, Mr Nandan M. Nilekani, Managing Director and CEO, Infosys Technologies, said that ethics and values were not just corporate social responsibility or philanthropy, but a strategic need. "We have an obligation to ensure the long-term survival of business, society and the planet. It is a different challenge to look for ways to align and integrate the social, financial, environmental and human capital by expanding the space in which companies operate," he said. Hence it is incumbent on businesses to redefine success in broader terms by having a substantial, positive and lasting impact on society and environment. Businesses in a changing environment like India should work to fill the gaps in social and legal framework, and the business sector should shoulder a huge responsibility, Mr Nilekani said.

Mr Jamshed J. Irani, former Managing Director, Tata Steel, said the path to creation of wealth is the same for everyone. "But the differentiator comes after you make profit. The path should have certain values. Tata Group has been governed by these values," he said. Values are like beacons, which take you to the harbour safely when you are at stormy seas, he added. Values are something that each one decides for oneself, but it is possible for different sets of values to co-exist. In days of rapid growth, values have more importance, "because there are more temptations and more opportunities," he said.

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