Prez stresses on social responsibility of corporates

New Delhi: President Pratibha Patil on Wednesday stressed on the need for businesses to incorporate social responsibility and said there should be greater opportunities for women in Indian industry including as managers and CEOs.

Patil also said the corporate world should reach out to the rural economy which will be key to the country`s future growth.

"As we are working for the transformation of India, many welfare schemes and infrastructure projects are being implemented under the public-private partnership model. This has meant that the administrator and the manager are working in partnership.

"Hence, businesses must incorporate social responsibility in their functioning, so that they can contribute to national objectives," Patil said at the inauguration of a management institute here.

On the role of women, she said, "There should be greater opportunities for women in Indian industry, including as managers and CEOs."

The President said businesses must develop linkages – backward and forward – with various sectors of the economy.

"I speak of this as the corporate world must reach out to the rural economy. I think, I echo Shastriji`s (Lal Bahadur Shastri`s) sentiments, when I emphasize that rural development is a priority for India.

"This will bring prosperity to the population in rural areas, which will be the key to the future growth of the Indian economy, as it will expand the base of the Indian market and increase the number of our entrepreneurs," Patil said.

Patil said she maintains that country`s farming community constitutes the largest private sector enterprise in India.

"However, production, financing and marketing possibilities of rural India urgently require new innovative approaches, new tools of analysis and new solutions. This is the challenge for our business schools and our management institutions, who should work closely at the local level with Panchayati Raj institutions, the farmers, local weavers, local craftsmen and local self-help groups," she said.

The President also said responsible approach towards environment and incorporating social and environment angles into their working system made business sense as well.