Business by the people, of the people and for the people – a new business model called “democratic capitalism” came to be floated and articulated at the Nov 12-14 India Economic Summit in Mumbai.
“The country needs democratic capitalism and a more democratic market. We celebrate Indiaas a democracy. But what Indians are also saying is that we want to participate in the decisions that affect our lives,” said Arun Maira, a member of India’s Planning Commission, in his speech.
Underscoring the need for more intensive and inclusive growth, Maira said the Indian government must engage people in its pursuit to bolster and push forward its economic reform process.
In fact, one of the core themes of the summit was how to achieve such a goal in a vast country like Indiathat is inherently beset with many contradictions and conflicts.
Significantly, Maira’s comments came at a time when protests against the “ills and unfairness” of capitalism have been gathering steam in many parts of the world, especially in the US.
The demand for initiatives to increase transparency in government procurement, licensing and land registration was also voiced at the summit.
Adi Godrej, chairman of the Godrej group and several entities that are part of one of India’s leading conglomerates, called upon the government to “set politics aside and set the reform agenda”.
This, he said, is necessary to reverse the trend of deceleration of the country’s GDPgrowth.
Godrej also said growth and prosperity in the country has spawned huge aspirations, especially among young people. Fulfilling their expectations is the country’s next challenge, he said, also underscoring the need to address corruption and increase transparency in governance.
Others felt inclusive growth will remain elusive if Indialoses its focus on its efforts to tackle and root out corruption.
“Corruption feeds poverty, seeds violence and social destabilization, prevents the development of social infrastructure, and chases away investments,” said Huguette Labelle, a Transparency International official.
However, Manpower Group Chairman and CEO Jeffrey Joerres said he is optimistic about India.
“Indiais a powerful force and can overcome hurdles. It has a tremendous brand value. It is at an inflection point with opportunities to fall back on to move forward. The world is waiting for Indiato take its place,” Joerres added.
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