‘Industry should focus on wealth distribution’

November 20th, 2008 - 11:32 pm ICT by IANS  

Ahmedabad, Nov 20 (IANS) Creating wealth for a few should not be the major goal of the industry, rather it should focus on distributing wealth among the masses, a top industry leader said here Thursday.Speaking at the inauguration of Indian Institute of Management (IIM)-Ahmedabad’s Confluence-2008, Satish Pradhan, executive vice-president (human resources) of Tata Sons, said: “The purpose of doing business is not to garner wealth for a few. It has much wider and deeper implication.”

He added that 66 percent of Tata Sons’ equity was in the hands of charitable organisations, “which means 66 percent of the profit is going to charity. I don’t know any other company which has a corporate philosophy like this.”

Confluence-2008, which will conclude Nov 23, also marks the 10th anniversary of the summit that was first organised in 1999.

Darpana Academy of Performing Arts founder-director Mrinalini Sarabhai was present at the programme.

“Wealth is not money at all as far as I am concerned. For me wealth was dancing as I could touch the hearts of people,” said Sarabhai.

“I define creation of wealth as a creative process. A responsible enterprise needs to take a sustainable view where all stakeholders get the rewards from the prosperity of the enterprise,” Mehmood Khan, global leader (innovation process management) of the London-based Unilever, said.

“For me all the 6.7 billion people of the world are stakeholders. All of them are unique. I need to innovate and make them feel good,” he added.

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