KOCHI: The business community should have a self-code of conduct and bodies such as the Associated Chambers of Commerce and Industry of India (Assocham), Federation of Indian Chambers of Commerce & Industry (Ficci) and other chambers of commerce have the responsibility to ensure their members follow ethics and ethical corporate governance, tax compliance and corporate social responsibility(CSR), Vice-President M Venkaiah Naidu said here on Wednesday.
Inaugurating the 160th anniversary celebrations of the Cochin Chamber of Commerce and Industry in Kochi, Naidu said while the regulations had to be in place they should not strangle business.
“As a result of the economic reforms initiated and implemented by successive governments at the Centre, India has emerged as one of the fastest growing economies in the world today. The business community should take advantage of the favourable situation,” he said.
He said every reform must have a human face and the fruits of the reforms must percolate down to the poorest sections of society. ‘’ Economic prosperity is meaningless if there is no equity in wealth distribution,’’ the Vice-President said.Naidu said ventures involving public-private participation (PPP) should be promoted. ‘’You need to involve people. Earlier, private capital was not welcomed. Even in the allowed sectors, it was in the hands of a few people. The present government is promoting business with private participation in a better way, ‘’ he said.
According to him, the Centre and the state as well as the local bodies must work together as a team for ensuring ease of doing business. “The World Bank has given India a 30-point jump. Various rating agencies have also given a higher rating,” he said On demonetisation and GST, Naidu said 56 lakh more people had come under the tax net which is expected to increase further. ‘’ Once the money comes into the banks, the interest rate will also come down. The GST was the culmination of the combined efforts of parliamentarians cutting across party lines.
There are shortcomings. That is why the government was trying to address them,’’ he said. He sad the corporate sector could supplement the efforts of the government in taking up community-oriented projects or even developmental schemes. Governor P Sathasvam and LSG Minister K T Jaleel also spoke. Mayor Soumini Jain, K V Thomas MP, Hibi Eden MLA and former president of Cochin Chamber of Commerce and Industry Venugopal C Govind were present. Cochin Chamber of Commerce and Industry president Shaji Varghese welcomed the gathering and vice president V Venugopal proposed the vote of thanks.