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The National Rural Employment Guarantee Act (NREGA) is “more like a cash-distribution system” than an employment guarantee scheme, says Ms Kiran Mazumdar Shaw, Chairperson and Managing Director, Biocon Ltd.
Speaking at TiECON Chennai, the annual conference of TiE (The Indus Entrepreneurs), a global network of entrepreneurs, Ms Shaw said she was “concerned” over policies such as NREGA and stressed that the country “needs to address larger issues with political vision and will.”
Ms Shaw said that India has to be muted about its confidence and needs to focus on building the foundation for progress. “I worry about the country's over-confidence. We still need to build the foundation and building blocks for growth.”
An entrepreneur, Ms Shaw, said must be able to handle both “oh wow” and “oh shucks” moments with equanimity. “One cannot panic when things are down. If you are risk-averse, it is difficult to stay with your idea.”
Commenting on innovation, Ms Shaw said that innovation is not just about coming out with new products. “The business delivery mechanism is also important,” she said.
Lifetime achievement award
Mr Suresh Krishna, Chairman and MD, Sundram Fasteners, who was given the lifetime achievement award by TiE, said the employers must communicate sincerely with employees across all levels without any “filters”. “This helps build trust and a willing, cooperative, non-grudging work-force.”
According to Dr V. Sumantran, Executive Vice-Chairman, Hinduja Automotive, India has come a long way after the “dismantling” of the licence raj.
“Today, there is a 180-degree shift in attitude and effort of Indians. There has been a phenomenal turnaround in our work ethics.”
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