At the centenary celebration of the Southern India Chamber of Commerce and Industry (SICCI), Mr. Chidambaram said that the nation should “address issue of deficit in governance.” He further warned that if it does not address governance, regulatory and ethical deficits the nation will render zero growth (not even the presumed nine percent).
He said that the growth rates of sectors such as power, road, shipping and aviation were not matching with those of other sectors, leaving yawning gaps and leading to inefficiencies.
Chidambaram said that there is a huge deficit in business ethics, exposed in last few months and years. The business ethics had declined over the years all over the world, said Mr. Chidambaram, also stating that at present, the driving motive of business appeared to be maximising of profits. “… the economic reforms which was introduced 20 years ago will turn to a nought,” he further warned.
He urged the business and industry to bridge business ethics for a sustained growth – inclusive and spread to interior parts of the country.
Source: The Hindu