Tata group synonymous with ethics, every industry must adopt it: Vice President

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Naidu releases commemorative stamp on 100 years of Jamshedpur

Jamshedpur, Feb 17: Emphasising the need for ethical corporate governance in Indian Industry, Vice President Venkaiah Naidu on Monday said that the Tata group has set ethical standards in the corporate world and every industry must adopt it. 

Speaking at the centenary year celebrations of naming of the city as Jamshedpur, the Vice President said that some people took undue advantage of the system and industry has a duty to abjure such elements. He appreciated the Tata Group for being synonymous with high ethical standards and the pioneering spirit of entrepreneurship.

Calling industry and agriculture as two eyes of nations, he opined that industry must support the efforts of government to achieve desired economic progress.

Addressing the gathering at Tata Auditorium, XLRI, Naidu commended Tata Steel for its contribution towards improving the quality of life of the community for over 100 years. He described Jamshedpur as India’s first planned industrial city that had earned the distinction of becoming the country’s role model for sustainable urban and industrial development.

He dwelt at length on the priorities of the government and outlined the investment opportunities that can contribute to the economic growth of the country. He said, “Government spending alone cannot push the economic growth to the levels that we wish to achieve. We need to work together with industries for the overall development of the country.”

“The development of a sustainable strategy is increasingly becoming an imperative for companies’ survival and longevity and Jamshedpur is a glowing example of sustainable development,” he added.

Terming Public-Private Partnership (PPPs) as one of the best models for development in a developing economy like India, the Vice President expressed confidence that PPP models would lead to improved efficiency and better services.

Referring to the recent policy interventions of the Reserve Bank of India, Naidu said the steps were aimed at lowering the cost of funds for banks and providing funds to the industry.

Expressing need for skill building, the Vice President urged all business enterprises and manufacturing units to upgrade skills of employees to face future challenges.

He opined that there was no dearth of talent in India, we only need to identify the talent and nurture it. Maintaining that this was not the responsibility for the governments alone, he called upon the industry to supplement the government’s efforts.

While appreciating the government for its efforts to increase farmer’s income, Naidu urged the private sector to contribute by constructing cold storage facilities, providing transport facilities from villages to the nearby market yards as part of their CSR activity.

Naidu also hailed 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 was a visionary leader who foresaw a rising India.

Appreciating various sports facilities created in Jamshedpur, the Vice President called for greater focus on sports and fitness. He said Fit India, Swachh Bharat Mission, Yoga should become people’s movement.

Vice President of India and Governor of Jharkhand were also shown the Tata Steel Archives at CFE where the Tata Steel story was shared with them.  Tata Steel Archives is the first Business Archives in the country.

 Among those present at CFE from Tata Steel were Suresh Dutt Tripathi, Vice President (Human Resource Management), Chanakya Chaudhary, Vice President (Corporate Services) and other officers from the leadership team of Corporate Services.

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