By Our Reporter
SHILLONG, APR 5: The chief of the Confederation of Indian Industry (CII), Dr Naushad Forbes today said the strength of the Indian economy rests in its private sector.
“Our diversity is a huge strength – we can use our diversity to lead the world in economic progress, in cultural achievement, and in building the kind of society where people from all corners of the earth will want to live here,” he said.
Dr Forbes was delivering his address at the 8th Convocation of the IIM, Shillong conferring degrees to more than 159 students of two-year PGP and 15 students of one-year PGPEx held at the campus here on Wednesday.
Referring to the Indian industry’s diverse strengths today, he said, “We must be more four things: more ethical, more international, more technology-focused and more collaborative as good corporate citizens.”
He said that the Indian industry five or ten years out must be more ethical adding the bulk of companies already are, but there are too many stories of crony capitalists that destroy the image of Indian industry and with it our credibility.
The CII president also pointed to be more international, the CII have as a first step identified 150 firms that are aspiring to be multinationals with Indian roots and are helping each establish a footprint overseas.
“This is consistent with being a diverse country – we are not aiming at 30 massive multinationals as national champions – we seek a 1000 firms that represent the strength and diversity of our entire industrial sector,” he added.
Stating that the Indian industry investment in R&D amounts to 0.3% of GDP, against a world average of 1.5%, he however said, “We need to increase our investments in technology five-fold to develop the prorpriety technologies that we can then deploy world wide.”
Further on stressing the need to be good corporate citizens, he said there is need for industry to invest in skills and in improving the quality of school and college education to bring opportunity to as many as possible of our 1.3 billion.
Congratulating the young graduates, Dr Forbes said, “I hope you will work to make India and Indian industry more ethical, more international, more technology-focused and more inclusive.”
He also stressed on the need to improve the growth and all round development of the North Eastern region which despite of its unmatched beauty, culture and potentials is yet to be a world class destination for tourism and other sectors.
Earlier in his speech, Dean of Cornell SC Johnson College of Business Prof Soumitra Dutta said India has clearly progressed a lot on multiple fronts in the last couple of decades.
“However, we have to be mindful of a harsh reality that India remains one of the poorest countries in the world. This has to change. But the change cannot be effected by the government alone. Organizations in both the public and private sectors have to play a key role,” he asserted.
Others who spoke on the occasion were RGIIM Board of Governors chairman Falguni Rajkumar and IIM, Shillong Director Prof Amitabha De who presented the Director’s Report.
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