“We need to be extremely conscious of the fact that the growth also needs to be sustained and it has to be inclusive, otherwise we will be failing in our fundamental responsibilities towards the society which has provided us the environment to grow.
“Measures such as adopting the culture of good corporate governance which includes sustainable reporting are necessary steps towards this direction,” he said.
To achieve inclusive development of the economy, it is essential to move towards the system of “creative capitalism” where incentives for both profit and recognition motivate both self interest and caring for others, he added.
“This creates challenges for traditional governance structures which can be met by bringing in creativity in the corporate governance system,” he noted.
He also said the Rs 64 trillion (USD 1.25 trillion) Indian Banking industry is poised to grow exponentially. He said Indian banks have proved their mettle time and again as their regulations align with international standards, while they remain conventional in their approach.
Moily was addressing a meeting of the Banking Sector organised by The Indian Institute of Corporate Affairs (IICA), an autonomous body under the Ministry of Corporate Affairs at their IMT Manesar Campus in Gurgaon (Haryana) today.
On this occasion a Memorandum of understanding between the Indian Institute of Corporate Affairs (IICA) and Institute of Chartered Accountants of India(ICAI) was also signed. This will mean that the IICA will be used as the hub for the training programmes conducted by the ICAI in their 14 acre state of the art campus in Manesar.
Later replying to a query, Moily said the Companies Bill, which is being scrutinised by a Parliamentary Standing Committee, may be taken up for consideration by Parliament in the forthcoming Monsoon session.
Referring to the power of social media, the minister said, it has helped craft a new relationship between institutions and their target markets.
“Social media helps all institutions become transparent and engage in a more participatory dialogue with the stakeholders.
Social media and technology have helped political organizations, providing a more democratic mechanism to get people involved,” he said.