FM warns industry against cartelisation

New Delhi: Finance Minister P Chidambaram has exhorted the captains of the industry to desist from non-competitive behaviour and cartelisation adding that industry owes responsibililty to the larger community.

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"All must work towards inclusive growth. I urge corporate India to embrace the Prime Minister's 10 point social charter for companies." Chidambaram said while speaking at the 'Businessworld FICCI-SEDF Corporate Social Responsibility Award 2007' function here.

He pointed out that the sixth point of the charter called for abstaining from non-competitive and cartel like behaviour, an issue which was of contemporary relevance.

The Finance Minister said while growth can be sustained by good governance and good politics, inclusive growth could only be promoted by having a high sense of collective conscience.

The collective conscience gets manifested in corporate social responsibility.

Chidambaram appealed to industry to employ at least one lakh differently-abled people for which the government will foot the bills for ESI and EFP bills for the first three years.

The Finance Minister said managements, boards of directors and employees of companies must be driven by a heighted sense of social responsibility and not by short-term gains.

Chidambaram gave away the CSR awards to six companies.

These were bagged by Mahindra and Mahindra Ltd, Tata Tea Ltd, NTPC Ltd, Apollo Tyres Ltd, ONGC Ltd and MSPL Ltd.