Speaking at the 115th Foundation Day Celebration of IMC Chamber of Commerce and Industry on September 7, Kiran Mazumdar-Shaw, Executive Chairperson, Biocon and Biocon Biologics said that organisations have been adjusting their values and purpose statements, with millennials keen on working for firms that stand for something. “Workplaces are becoming more inclusive to reflect social diversity.” She was delivering Foundation Day Address on Capitalism to Compassionate Capitalism.
Talking about the subject, Shaw said that the corporate world has been changing rapidly, and the traditional model of profit driven capitalism was certainly no longer fashionable, making way for the idea of tackling compassionate capitalism.“Focus of business has now shifted to building a durable foundation for sustainable social development,” she emphasized.
Complimenting IMC for completing 114 years of rich legacy since it’s inception on September 07, 1907 by few Indian Merchants, who came together to establish a Swadeshi institution to fight for the rights of the swadeshi businesses, Mazumdar-Shaw added that corporate social responsibility (CSR) and Environment, Social and Governance (ESG) factors are an important part of corporate thinking today with many organization talking about a triple bottomline — financial, social and environmental results.
Further she added "Compassionate capitalism uses proven business strategies to build a durable foundation for sustainable social development. When innovation and commerce are used to drive social progress the implementation is a lot cheaper, many more people benefit, and the effect is longer lasting.
While welcoming the Chief Guest, IMC President, Juzar Khorakiwala said “Although the compassionate capitalism has been in public discourse globally for quite some time, the Covid crisis has accentuated the need to think about changing the narrative and practice of capitalism the world followed. In fact, corporations across the world, including India Inc, have already adopted the practice of putting purpose before profit.
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