Business leaders have to develop multiple competencies to face the challenges of creating both economic and social value additions, experts said at the Asian Management Congress organized by the city-based Asian School of Business Management (ASBM).
“The prosperity and welfare of the society is possible only when economic growth is combined with social development as well as preservation of natural resources and ecology. This is the basis on which sustainability of the society can be ensured”, said Dinesh Prasad Pant, vice president, Association of Management Development Institutes of South Asia (AMDISA).
The contemporary business leaders have to develop a kind of orientation with moral intelligence to help create economic as well as social benefit out of their businesses, added Pant.
Speaking on the global imbalances, M C Bhandare, the Orissa Governor said, “The gap between Asia and the West had been narrowing for over a decade as a result of Asia's growth. The traditional superpowers in the West have been drastically hit by the radical upsurge of the new economic superpowers in Asia.”
N Ravichandran, director, Indian Institute of Management-Indore said, “Majority of the business efforts have been driven by the opportunity assessments rather than the environment. In a country like India where the contracts, the rights of shareholders and that of consumers are not respected, business does not evolve as consumer centric.”
