ET Awards' Agenda For Renewal 2011: Ten reforms that will power more economic growth
Presented below are edited excerpts of the deliberations between ET and the six CEOs that eventually formed the basis on which this agenda was crafted.
By ET Bureau | Updated:
For a document that undisputedly chiselled the first contours of India's post-independence economy, the Bombay Plan of 1944-45 went surprisingly unacknowledged. Jawaharlal Nehru never officially accepted the Plan even though the first Five Year Plan was remarkably similar to it.
Sixty seven years later, six stalwarts of India Inc have crafted the Agenda For Renewal at the invitation of the The Economic Times.
This may not be as seminal as the Bombay Plan, but it will be acknowledged - by the Finance Minister Pranab Mukherjee on November 26 at the The Economic Times Awards for Corporate Excellence, and by three of his cabinet colleagues.
Follow the campaign around the Agenda For Renewal at http://www.afr.economictimes.com
How the campaign for renewal will unfold...
Six business leaders, Deepak Parekh, chairman of HDFC, KV Kamath, chairman, ICICI Bank and Infosys, Ashok Ganguly, former chairman of Hindustan Unilever, Sunil Bharti Mittal, chairman, Bharti Enterprises, Zia Mody, legal firm AZB Partners, NR Narayana Murthy, founder Infosys Technologies, crafted the Agenda For Renewal at ET's invitation.
This will be presented to Finance Minister Pranab Mukherjee on Saturday, November 26 at the The Economic Times Awards for Corporate Excellence. Mukherjee and three cabinet ministers, Jairam Ramesh, minister for rural development, Kapil Sibal, minister for communications, and Salman Khurshid, minister for law and justice, will discuss this agenda with 400 CEOs who will be present at the ET Awards.
In the coming days, ET will orchestrate a national campaign around the Agenda For Renewal. This, we hope, will help the nation regain the sense of purpose and intent that has grown dull recently.
Presented below are edited excerpts of the deliberations between ET and the six CEOs that eventually formed the basis on which this agenda was crafted.
Sixty seven years later, six stalwarts of India Inc have crafted the Agenda For Renewal at the invitation of the The Economic Times.
This may not be as seminal as the Bombay Plan, but it will be acknowledged - by the Finance Minister Pranab Mukherjee on November 26 at the The Economic Times Awards for Corporate Excellence, and by three of his cabinet colleagues.
Follow the campaign around the Agenda For Renewal at http://www.afr.economictimes.com
How the campaign for renewal will unfold...
Six business leaders, Deepak Parekh, chairman of HDFC, KV Kamath, chairman, ICICI Bank and Infosys, Ashok Ganguly, former chairman of Hindustan Unilever, Sunil Bharti Mittal, chairman, Bharti Enterprises, Zia Mody, legal firm AZB Partners, NR Narayana Murthy, founder Infosys Technologies, crafted the Agenda For Renewal at ET's invitation.
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This will be presented to Finance Minister Pranab Mukherjee on Saturday, November 26 at the The Economic Times Awards for Corporate Excellence. Mukherjee and three cabinet ministers, Jairam Ramesh, minister for rural development, Kapil Sibal, minister for communications, and Salman Khurshid, minister for law and justice, will discuss this agenda with 400 CEOs who will be present at the ET Awards.
In the coming days, ET will orchestrate a national campaign around the Agenda For Renewal. This, we hope, will help the nation regain the sense of purpose and intent that has grown dull recently.
Presented below are edited excerpts of the deliberations between ET and the six CEOs that eventually formed the basis on which this agenda was crafted.
| The people of this country should urge opposition parties not to add fuel to the negativism that is prevalent and more importantly support the government in some of the important bills that are pending. The opposition needs to have a more mature outlook of the future of the industry. (Read Full agenda) | |
| Companies without money or technology are using political contacts to get mining licenses, but global firms with both are not here. At the same time, there is controversy about national resources -- e-auctions for all government resources are the way forward. (Read Full agenda) | |
| While big moves like opening up FDI in more sectors will create an environment that is conducive to foreign investment, India also needs several smaller improvements like easier visa and immigration rules, faster permission for chartered flights and business jets of global executives to land. (Read Full agenda) | |
| Some states have not increased power tariffs for a decade and are now unwilling or unable to buy power from private generators; there is under-recovery and theft; part of the system is completely market oriented and part of it is completely distorted by policy initiatives, like subsidies. Subsidies are required, but they should be directed well. (Read Full agenda) | |
| There have been hardly any reforms in agriculture. Marketing laws are out dated, distribution and logistics from the farm gate to the food plate are filled with inefficiencies and corruption. (Read Full agenda) | |
| Mumbai is referred to as the Shanghai of India, but infrastructure is poor and there is hardly any urban reform. To renew cities, we need more public-private partnerships because all capabilities do not lie only in the state or only in the private sector. (Read Full agenda) | |
| Delays and controversies pertaining to acquisition of land have time and again delayed projects in power, mining, auto and other sectors. Often, there has been intense conflict between business, the state, and farmers or locals. A clear, equitable and transparent policy can help avoid such conflicts. (Read Full agenda) | |
| India’s economic growth could be higher by at least two percent if the various ministries in the central government co-ordinated better with each other, according a one CEO who helped draft the Agenda for Renewal. Ministries sometimes take a rigid stance on issues, but better communication can soften such stances. (Read Full agenda) | |
| Schools generate $20 billion every year, and the figure is growing at 14% a year, according to Kaizen private equity’s education report. But education in India is not allowed to function as a for-profit business. (Read Full agenda) | |
| Electoral compulsions for funds become the foundation of the whole superstructure of corruption, according to the report of the National Commission to Review the Working of the Constitution (2001). (Read Full agenda) |
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