India has to address two key issues — corruption and skill development — to be able to grow faster, a top official of the Tata Group said.
“If the entire country were able to focus on what has to be done to empower, educate, enhance the livelihood possibilities of our young people, it would help address many social challenges we are going to see,” said Mukund Rajan, Tata brand custodian and member of the group executive council at Tata Sons Ltd., here on Friday.
“Simultaneously, you have to address the horror of corruption, which unfortunately hits not just those in high places, but hurts the poor the most,” he said. He was delivering a lecture on “Continuity through change — Tata in the era of liberalisation” organised by the Chennai International Centre at the Madras School of Economics.
In reply to a question, Mr. Rajan said a number of problems that were seen such as creation of new States, reservation demands of various communities and communal issues have their source in concerns around livelihood issues. “If we can address that [skill development], then many of these issues can go away,” he said.
“The other issue which corporate India hasn’t spoken about too much, but in some ways has started acting upon, that is linked to the other big issue which is corruption …is the question of funding of elections in the country. If that process could be made transparent, accountable, open to people, then a lot of thingscould potentially change,” the Tata executive, who is also the brother of outgoing RBI governor Raghuram Rajan, said. A number of corporates were now contributing to electoral trusts of political parties through cheques.
He also said the country had seen a great amount of change and progress because of public pressure to see a more transparent dispensation.
“In the last six to seven years, we have seen the largest number of bureaucrats, corporate leaders, and politicians going behind bars. That is part of a catharsis we are seeing in society,” he said.
He said the Indian market economy was still evolving. “The market is not completely liberalised. We still have a long way to go,” he said.
