"Government wants growth for all and a new economic model is being followed whereby a right-based entitlement system has been created to promote inclusive growth," he said.
Tewari made the comment while speaking at the Valedictory Session of All India Management Association's (AIMA) 40th National Management Convention on "courage in uncertainty" here.
He said that since 2004, India had switched to a new economic model, one of inclusive growth, which was a step up from the liberal economic model adopted in 1991. He stated that the government believed that growth must be accompanied by creation of equity and it was creating the largest rights-based entitlement infrastructure in the history.
Commenting on the deterioration of sentiment about Indian economy during the past three years, he said that the only thing that could come in the way of India's becoming a great economic power would be the corrosive discourses that had become common in recent times. He advised against creating an environment of suspicion and perpetuating fear of failure as this would make growth suffer.
Earlier, Minister of State for Corporate Affairs Sachin Pilot addressed corporate concerns about the new Companies Bill.
"The intent of the new Companies Bill is to ensure competitive level playing field for all companies," he said.
He expressed hope that this new legislation would facilitate future growth as it was a forward looking law and would make Indian companies compliant with global laws and regulations as well as use of technology. He also emphasised the need for stable policies and tax regime to assure investors.
On Corporate Social Responsibility (CSR) provisions in the new Companies Bill, Pilot said that if there was full compliance of CSR guidelines as suggested in the Bill, it would lead to Rs 18,000 - Rs 20,000 crore worth of annual investment in the social sector through the CSR route.
He added that there existed a large trust deficit between communities and large corporates and CSR was a great way to make up for that. On making CSR tax deductible, Pilot said that he was open to a discussion but final decision would come from the Finance Minister.
Rajiv Bajaj, MD, Bajaj Auto Ltd, called upon his peers to "create identity, avoid herd mentality, identify susceptibility and form strategies to counter uncertainty. "Courage is to differentiate and become successful," he said.
Sharing his thoughts on the subject of 'weathering uncertain times', Bajaj said, "We find success in most uncertain times by choosing to create a market rather than to serve an existing one."
Kurush Grant, Executive Director, ITC Ltd, suggested that companies that prepare themselves with multi-level planning and portfolio strategy have advantage over others in uncertain times. He said that instead of cutting costs during uncertainty, one can look at the option of investing one's way out of uncertainty.
Delivering the President's address in the Valedictory Session, Shivkumar, President, AIMA, said that courage is one part logic, many parts magic and cannot be measured but only felt.
Preetha Reddy, President Elect, AIMA, and CMD, Apollo Hospitals Enterprise Ltd said that courage was the only force that could help industry overcome uncertainty.
--IBNS (Posted on 28-09-2013)