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Institutions facing trust deficit: Maira

Hyderabad: Institutions in India are facing a crisis of `trust deficit' and it is causing unrest in some pockets of the society, said Arun Maira, Member, Planning Commission here on Friday.

In his key-note address at the 3rd Convocation of ICFAI Foundation for Higher Education (IFHE), Maira said humanity needs better institutions not only for economic growth but also for justice in the society.

"Trust of Indians on institutions is declining and it is the responsibility of all the caretakers of the society to reconcile their roles to eliminate the trust deficit. Institutions of democracy, capitalism, and government must be reformed and rebuilt to suit the changing times," Maira said.

"The challenge before us as we march into the 21st century is to make capitalism and economics our tools, rather than human beings becoming their tools. Therefore let us first determine our aspirations and principles, and accordingly devise the form of capitalism and economics we want," he said.

He also stressed the need for reforming the institutions to foster economic growth and social harmony.

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