The Vice President of India M. Venkaiah Naidu has emphasised the need for ethical corporate governance in Indian industry. He said that some people have taken undue advantage of the system, and the industry has a duty to eschew such elements. Conducting business in an ethical manner builds confidence among customers and investors, he said appreciating the Tata Group for being synonymous with high ethical standards and the pioneering spirit of entrepreneurship.
Naidu also called upon the industry to shed its hesitation to make investments to facilitate economic growth.
Describing Public-Private Partnership (PPPs) as one of the best models for development in a developing economy like India, the Vice President said that PPP models would lead to improved efficiency and faster delivery of services.
He said that loans to the automobile sector, residential housing and micro, small and medium enterprises have been kept outside the purview of the cash reserve ratio, which at present stands at four percent of banks' deposits.
Pointing out that the Reserve Bank of India had projected a GDP growth rate of six percent for the financial year 2020-21 he said that investment outlook in the Indian economy has begun to show signs of improvement and the inflation pressure was likely to ease in the financial year 2020-21.
Bridging the skills gap among the workforce must become an essential component of every organisation's activities, he said. Observing that a large part of our economic activity was dependent on agriculture and sectors allied with it, Naidu opined that there was an urgent need for collective efforts to make agriculture profitable and sustainable.
The Vice President also recalled the contributions and the legendary role of JRD Tata, in setting up India's first steel plant at Jamshedpur and said that he was not only a doyen of the Indian industry, but also a visionary leader who foresaw a rising India.