Fall in-line for social justice: Manmohan tells Corporates

by M Rama Rao
New Delhi: (National Herald) May 24: Prime Minister startled Corporate India on Thursday with some blunt speak He gave them some home work - 'ten-point social charter' for sharing benefits of economic growth with the less privileged.

In a tongue lashing, the economist – prime minister also warned the captains of industry and trade to end cartelisation to keep price high. And came down heavily on their greed, saying “Even profit maximization should be within the bounds of decency and greed”.

Manmohan Singh’s message was loud and clear to corporate honchos who assembled in strength for the annual general meeting of Confederation of Indian Industry (CII). And that is: inclusive growth is not an empty slogan for UPA. It means and stands by that commitment.

Because, he said in a disarmingly, “Our growth process may be at risk, our polity may become anarchic and our society may get further divided” if those who are better off do not act in a more socially responsible manner,


Probably, the CII provided the spark to him. The theme of the session was “Inclusive Growth – Challenges for Corporate India”.

Thanking the CII for inviting him to share ‘my thoughts’ on the conference theme, Dr Manmohan Singh, said “You have all been the beneficiaries of our improved growth performance (under UPA)” and so they must do their bit to the society. “The time has come for the better off sections of our society - not just in organized industry but in all walks of life - to understand the need to make our growth process more inclusive; to eschew conspicuous consumption; to save more and waste less; to care for those who are less privileged and less well off; to be role models of probity, moderation and charity”.
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Indian industry, he said must rise to the challenge of making our growth processes efficient and inclusive. “This is our endeavour in Government. It will have to be yours too and I seek your partnership in making a success of this giant national enterprise”.

Prime Minister’s case was that the industry must become a partner in inclusive growth in its own interest. Their clamour, for instance, for labour law reforms will remain a mirage “unless workers feel they are cared for at work”, and thus help “evolve a national consensus in favour of more flexible labour laws aimed at ensuring that our firms remain globally competitive”.

Corporate social responsibility, Dr Manmohan Singh, should not be narrowly defined centered on tax planning strategies alone. “Rather, it should be defined within the framework of a corporate philosophy which factors the needs of the community and the regions in which the corporate entity functions”.


Manmohan’s 10-point Social Charter for Corporates

*. Have a healthy respect for your workers and invest in their welfare.
* Factor in the needs of the community and the regions where you work
* Be pro-active in giving jobs to less privileged, at all levels of the job ladder
* Resist excessive remunerations, discourage conspicuous consumption.
* Invest in people and in their skills.
* Desist from non-competitive behaviour.
* Invest in environment-friendly technologies.
* Promote enterprise and innovation, within your firms and outside.
* Fight corruption at all levels
* Promote socially responsible media and finance socially responsible advertising