BackMurmu reminds businesses about ethical wealth creation
Murmu said that it is the responsibility of corporate sector to pursue not only economic growth but also social well being and justice
PremiumNew Delhi: President Droupadi Murmu on Wednesday reminded businesses and professionals about India’s tradition of ethical wealth creation and appealed to business that their goal should not only be economic development but also social development and justice.
Speaking at an event in the capital to mark the 55th foundation day of Institute of Company Secretaries of India (ICSI) , the President cited the works of Saint Thiruvalluvar and Kautilya and said that ethical wealth creation has always been praised and encouraged in India. Murmu said in her speech delivered in Hindi that it is the responsibility of corporate sector to pursue not only economic growth but also social well being and justice.
The President also referred to what Mahatma Gandhi regarded as sins--wealth without work, knowledge without character and commerce without ethics. Murmu said one should make sure that the laws designed to boost business environment and investment in the country are used properly.
Finance minister Nirmala Sitharaman who was present on the occasion, said that the government has decriminalised the laws, reformed taxation and removed archaic laws.
Manoj Govil, secretary in the ministry of corporate affairs, who was also present on the occasion, said that the ministry will start a review of all regulations this month as has been announced by Sitharaman in her union budget speech earlier this year. Govil also informed that the time taken for companies to voluntarily exit the business has come down to about 100 days now compared to about 180 days earlier.
Sitharaman had in her budget speech announced that financial sector regulators will be requested to carry out a comprehensive review of existing regulations to simplify, ease and reduce cost of compliance. For this, they will consider suggestions from the public and regulated entities, the minister had said in her budget speech.
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