Corporate Governance

We meet for this 96th AGM of our Company in a somewhat somber mood. A tangible slowdown in the economy, intractable inflation, seeming policy paralysis on the part of the Government, are all exacerbated by the overhang of the prospects of a poor monsoon. This unique combination has resulted not merely in economic downturn – the latest estimates are for a sub 6% GDP growth – but also to loss of business and consumer confidence.
As a member of the Rajya Sabha, I have stood a mute witness to session after session of Parliament being disrupted by the obduracy of both the Government and the Opposition MPs. The people of India have to reconcile themselves to a political leadership that seems preoccupied with short-termism and sensationalism to the detriment of vital initiatives to redress the common weal.