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Godrej dubs economic reforms 'ineffective'

The ongoing economic reforms are incomplete and ineffective and the existing labour laws relaxed, said leading industrialist Jamshed N Godrej.

The managing director of Godrej and Boyce Manufacturing Company Limited said addressing the 42nd annual convocation of the Xavier Labour Relation Institute in Jamshedpur that haphazard and incomplete reforms were of no use and would not bring economic development.

He stressed the need for modern and flexible industrial and labour laws, which would generate more employment and enhance the much-needed global competitiveness in industries.

Godrej said it was important to recognise the areas of reforms. He pointed out that the labour market was not reformed. He cited the example of China where reforms were taking place due to more flexible and transparent labour laws.

Delivering the convocation address, president of A P Associates and well-known image and marketing consultant Alyque Padamsee emphasised the generation of new ideas. "Unless you have a vision statement of what you want to achieve, you will never achieve it," he said.

He said the vision statement of a country was usually its constitution, the guiding principles that would take it into future. But, he lamented, very few companies in India write a constitution.

Underlining the power of achievement, Padamsee said, "History is not measured in years but in achievements."

He also mentioned the importance of leadership for the success of an organisation.

Later, talking to newsmen, Padamsee regretted the regulations imposed by the government on Indian industries. Government interference should be kept minimal for better industrial and economic growth, he said.

UNI

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