Corporate governance a key to growth Bhargava tells FORE business meeting
Better corporate governance and much less regulation are key elements to creating the right environment for innovation and growth in India, says R.C. Bhargava, Chairman, Maruti Suzuki.
He was the lead speaker at the Foundation for Organizational Research and Education (FORE) Annual Business Meet held April 14 at the Taj Man Singh Hotel, New Delhi.
The event, with the theme “Corporate India 2020: Competition, Innovations and Entrepreneurship,” drew about 80 people to hear speeches by Bhargava; Mohit Goyal, Founder-Director, Indian Angel Network; Bharat Wakhlu, Resident Director, TATA Services and Dr. Jitendra K. Das, Director, FORE School of Management.
Speaking on “Corporate India: Competitive Scenario” Bhargava said attitude and mindset would have to be changed with better governance and development through transparency in regulation, and he stressed the need for teamwork and better communication, saying “don’t create silos.”
He said India can learn lessons from countries like Japan, which despite lacking in technology and raw material has become the hub of manufacturing.
Pointing to the IT industry he said it is “software led where competition is becoming intense by day-by-day. The manufacturing sector has to be given much bigger emphasis to sustain the momentum of economic growth in India.”
Dealing with India’s growth through innovation and strategy, Bharat Wakhlu, Resident Director, TATA Services, said industry needs to encourage new ideas and change with the changing times.
People at every level in the company should be encouraged to come up with new ideas, he said, noting innovations can come from the worker level up.
“Innovation should be the key to growth in this competitive environment,” he said.
Wakhlu said India must develop an enterprising ecosystem throughout the country and ensure young India is ready to take on responsibility.
Companies can’t live in the past and have to create a new horizon “with clear vision of competitive quality with global standards.”
Mohit Goyal, Founder-Director, Indian Angel Network told the assembly government, industry and society should develop an “Indian
Entrepreneurship Ecosystem” where individuals can be encouraged to take risks.
“Risk taking ability in India is far less than in countries like the U.S.” he said, “therefore, social security is something that government should seriously look into. The government regulations are tough and need correction to help Indian start-ups grow and become globally competitive. We are heading toward mission achievement and within a decade we all will be competing with the West on an abundance of services which we can offer to world!”
Dr. Jitendra K Das, Director, FORE School of Management said capacity building in new areas holds the key to economic growth. He said the quality of academia should also be enhanced to realize the sustained economic growth and asked industry to collaborate with institutes of higher
Education to make curriculum and other academic activities more relevant to the industry.
“Amidst the fast changing market and economy, industry and academia should work together and collaborate to enhance the industry-relevant skill sets among students in different institutes,” he said.
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