“Responsible growth” as the 4th G of sustainable future growth of India: PHD Chamber

“Responsible growth” as the 4th G of sustainable future growth of India: PHD Chamber

“Responsible growth” as the 4th G of sustainable future growth of India: PHD Chamber

 

No.PR-081
August 21, 2015
New Delhi
 

“Responsible growth” as the 4th G of sustainable future growth of India: PHD Chamber
 

According to PHD Chamber, “Responsible growth” is the 4th G of the sustainable future growth of India. Out of the 4G’s i.e. Profitable growth, consistent growth, competitive growth and responsible growth, the strategy of “shared responsibility” is based on “Responsible growth” which has been conceived as the 4th G of sustainable future growth.
 

These views were expressed in the Talk Series organized by PHD Chamber on “Building India: A Shared Responsibility”, with a key note address by Mr. Kamal Bali, Managing Director, Volvo India Private Limited. Mr. Kamal Bali, who was the chief guest at the session, expressed his views on how the Indian economy’s future can be build through shared responsibility of the “government” and the “people”
 

Mr. Bali explained that we all are living in a VUCA (Volatile, Uncertain, Complex and Ambiguous) world where stocks, currencies, commodity prices are volatile and unpredictable. He said that given this volatile and unpredictable economic and industrial scenario, quality, productivity, cost control, delivery and innovation is the key to success.
 

He further said that in such a scenario, there are five mega trends that will shape our future i.e. Digitization, Economic power shift from West to East, Widening economic disparity, changing relationship between Us & our planet and urbanization.
 

He explained that there are numerous challenges and opportunities faced by Indian economy. Low per capita income, unemployment, infrastructural constraints, problems with ease of doing business and programme implementation, high interest rate regime in the inflationary environment are some of the challenges faced by India, said Mr. Kamal Bali, Managing Director, Volvo India Private Limited.
 

He highlighted that given these key challenges, the solution demands commitment not only from the government side but also from the second stakeholder’s side i.e. “YOU”. Regarding efforts required by the government, the focus should be on improving healthcare, education, digital & physical connectivity, financial inclusion, value addition , modernization of urban areas and advanced power & infrastructural facilities.
 

He further elaborated that the strategy of “shared responsibility” is based on five themes. The first theme deals with improving manufacturing sector competitiveness. The second theme deals with encouraging job creation through skill formation and training programmes. The third theme caters to creation of world class infrastructure through facilitating PPP investment. The fourth theme deals with the human development, social and financial inclusion. Lastly, the fifth theme deals with sustainability and consequently focuses on economic, social and environmental issues.
 

Going forward, trust, a clear vision shared among all stakeholders, use of updated technology for transparency and knowledge for empowerment, cutting the threads that holds us down, planning big, thinking short term, midterm and long term, involving more young minds to think big and global, better execution and lastly taking responsibility for our actions even when we fail, are the eight critical factors “to ensure success in whatever we do”, said Mr. Kamal Bali.
 

ENDS

Koteshwar Prasad Dobhal
Consultant (PR)