IMC, Assocham, BCCI kick off campaign on good governance

By Our Economy Bureau | 20 Mar 2003

Mumbai: Indian Merchants’ Chamber (IMC), Assocham and Bombay Chamber of Commerce and Industry (BCCI) have joined hands to organise a forum on governance.

The forum recognises that Indian business forms a powerful constituency with the potential to influence and transform the culture of governance in the country, if there is a commonality of perspective and a collective will to do so.

As defined by the forum, governance includes the entire set of norms, practices and institutions that define the way a society works in the areas of politics and public administration, law and the judiciary, and business ethics and corporate governance.

IMC chairman (governance forum) Shailesh Haribhakti says this is the first time the three chambers are coming together for a project of such magnitude. “Fifty years after Independence, India has risen in global competitiveness, exports are growing encouragingly and exchange reserves are at record levels. What stands in our way is poor infrastructure, including a subculture of violence, corruption and depletion of the security and justice systems. In order for Indians to achieve their potential, good governance is imperative.”

India ranks as one of the most corrupt countries in the world, ranking 71 of 91 countries surveyed in Transparency International’s 2001 Corruption Perceptions Index, leading 3i Network’s India Infrastructure Report 2002 to describe governance as the central issue in attracting private investment to India’s infrastructure.

The success of the business community’s involvement in governance so far has resulted in better telecom, roads, ports, a more friendly tax regime, competitive financial infrastructure and business-friendly negotiation of international accords.

As the first in a series of initiatives designed to encourage a clear business perspective on issues of governance, a seminar, on ‘Getting the Governance that Indians Deserve,’ will be held on 25 March 2003. The focus of this seminar will be on what corporates can do to transform the standards and quality of governance. Sessions will be chaired by Dr Ela Bhatt (founder, SEWA), session chairman, and D M Sukhtankar (dormer chief secretary, Maharashtra government).

Speakers will include Zia Mody (partner, CZB & Partners), Vinod Sahgal (regional public financial accountability specialist, World Bank), Sebastian Morris (Indian Institute of Management, Ahmedabad), Jayaprakash Narayan (national coordinator, Lok Satta), Aspi Chino (senior counsel, high court and supreme court) and Satish Sahney (chief executive, Nehru Centre).

Another initiative of the forum is a 20-hour programme on corporate governance, jointly organised by IMC, the UTI Institute of Capital Markets and LN Welingkar Institute of Management Development and Research. This will also be launched on 25 March 2003.

For seminar registration, contact IMC’s Sheena Khara on (022) 2204 6633, Extn: 606.