Mumbai, Maharashtra, India
"Creative Capitalism means to build sustainable business which is responsible and which meets all short term and long term needs of the stakeholders", accentuated Mr.Paul Skinner, Chairman, Rio Tinto & Chairman CBC UK at the 2nd Global Business Leaders Forum organized by Confederation of Indian Industry (CII) in partnership with Commonwealth Business Council (CBC) at Mumbai. "Having a distinct business model and value proposition; making strong local presence; global connectivity; contributing to sustainable development and continuous review, reinvention and global benchmarking are the key levers for building world class corporations" said Mr. Skinner, which according to him would help in building world class corporations.
Mr. KV Kamath, Vice President CII & Managing Director & Chief Executive Officer, ICICI Bank took the discussion from the micro level to the national and macro level. "There are numerous challenges which growing economies face today. How India will meet these challenges will make the difference", said Mr. Kamath. He further set examples of countries like Japan, Taiwan and China, which have seen double digit growth during last 10- 15 years. "Today in India, we have a paradigm of growth. Challenge is not only to do business in a profitable manner but also to ensure that it is inclusive and responsible", said Mr. Kamath. He further stressed on competitiveness, productivity, human resource and importance of sovereign wealth funds as the determining factors in the growth of developing economies.
"Creative capitalism suggests best way to combine social capital and social enterprise", said Dr Anil Khandelwal, Chairman and Managing Director, Bank of Baroda, He suggested detailed five pointers to build responsible global corporations as increasing commitment to social responsibility, health, cleanliness, education; vibrant focus on Indian farming community; promoting small and medium size units; institutionalizing governance mechanism and focus on developing skilled human resources.
At the second session of the Forum titled "Social Inclusion to Social Capitalism", Rahul Bajaj, Past President CII & Chairman, Bajaj Auto Ltd, India. said "Social inclusion requires businesses to change, government to change and individuals to change". He further questioned whether inclusive growth as a corporate objective is possible and affordable. He specified that various factors such as infrastructure provided by the government, ending of intrusive regulation were prerequisites of making inclusive growth a reality. He stressed that each one should produce more than one consumes to survive in our economy.
Dr Mohan Kaul, Director General, CBC, emphasised "Today despite significant growth we see increasing gaps between haves and have-nots. In order to build world class corporations, we have to develop successful strategies by experimenting, outsourcing and innovating".
Speaking on the financial sector contributing to social capitalism, Gary Hoffman, Vice Chairman, Barclays Bank Plc, UK said that clear, sustainable & accessible alternatives have to be made available. "The bottom line is to make an accessible financial system. We need to work together, to have capabilities & capacities and to use products & services successfully as per demand." "How we can develop social responsible business is not about philanthropy but an opportunity to develop the market together", concluded Mr. Hoffman.
Richard Laing, Chief Executive Officer, CDC Group plc, UK furthered the discussion by highlighting the role played by today's national and global banks. "We see multinationals & other banks reaching to the masses through microfinance. This provides commercial opportunity to these banks. Market based altruism is more sustainable than pure altruism." said Mr. Laing.
To view the photograph, please click on the link given below:
L-R:Mr. Mr KV Kamath, Vice President CII , Mr Paul Skinner, Chairman, Rio Tinto & Chairman CBC UK & Dr Anil Khandelwal, Chairman and Managing Director, Bank of Baroda addressing at the 2nd Global Business Leaders Forum organized by Confederation of Indian Industry (CII) in partnership with Commonwealth Business Council (CBC) at Mumbai
Source: CII - CBC (Business Wire India)
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