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Industry has to introspect on doing ethical business: Jaitley
New Delhi, Feb 24 (IANS) In light of the Rs 11,300 crore Punjab National Bank (PNB) scam allegedly involving diamantaire Nirav Modi, Union Finance Minister Arun Jaitley said on Saturday that the discourse needed to move on from ease of doing business to that of Indian industry’s responsibility to become ethical in the way it does business.
He also said political corruption at the Centre had “reduced significantly” after the ruling NDA government ended the administration’s discretionary powers in awarding contracts and allocation of resources. The sale of electoral bonds from next week, he added, would be a decisive step in cleaning up the system of political funding in the country.
Noting how India had moved into the top 100 countries in the World Bank’s Ease of Doing Business ranking, Jaitley said the measures that helped the country’s ranking had been the government’s responsibility.
“Ease of doing business was government’s responsibility. There is the need to transform from this to industry responsibility in the habit of ethical business,” the Finance Minister said at the ET Global Business Summit here.
“Indian business has to learn to do ethical business. Those who deviate from this will face the consequences not only in terms of business and civil law, but the criminal law too will be transformed to allow extreme action against such delinquents,” he said.
“Rather than always have a close look at what government’s are doing, Indian industry needs to look inwards and to a fair bit of introspecting,” Jaitley said.
In a reference to the massive accumulated non performing assets (NPAs), or bad loans, of state-run banks that have crossed the staggering level of Rs 7 lakh crore, he added that the “unethical concept that money may or may not be returned has to come to an end”.
Without naming the PNB scam, Jaitley said the recent bank frauds had glaringly highlighted the failure of both internal and independent auditors, as well as the inadequate supervision by regulators.
Indian industry, in collusion with chartered accountants, had for years been employing various ways like creating shell companies to “round trip” money, he added.
Jaitley also said that electoral bonds, which are due to start sale from March 2 will transform the total anonymity in the existing political funding system, to one where it becomes “100 per cent transparent” because such bonds can only be bought through the banking system with “clean money” and the funding would be reflected in the books of both donor companies and political parties.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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