Times News Network

KOLKATA : Donning the mantle of a pan-Indian company with a commitment that extends beyond the immediate market, ITC Ltd chairman Y C Deveshwar has urged India Inc to join forces and attain international competitiveness rapidly, thereby allowing a successful transition from an era of relative protection to the fully globalised markets of tomorrow.

For the second successive year, Deveshwar stressed on the Indianness of a company and carried the idea forward, characterising it with a "depth of commitment" that went beyond the narrow concerns of immediate profit-taking and exploitation of the market to broader perspectives that involved togetherness and partnerships to create employment opportunities as well as value.

"Frustrations arising from a slow pace of reforms, together with competitive pressures generated by the fast pace of trade liberalisation arising from the WTO timetable are severely testing the resourcefulness of Indian companies and their commitment to the Indian economy," Deveshwar warned, adding that he would not call a company Indian if, at the first hint of competition, it wound up its manufacturing base and began global sourcing to retain marketshare. "Capital will not flow into India unless they turn productive and internationally competitive," he added.

He, however, clarified that an Indian enterprise should be borne by its approach and commitment to the Indian economy rather than by the source of capital. Thus, Deveshwar’s definition of an Indian company, as opposed to a global one, will opt for partnership with other participants in the economy to create international competitiveness instead of opting for the "globally preferred" option of competitive sourcing.

Showcasing ITC’s efforts towards being a premier `Indian’ enterprise, he said the company had chosen the tougher option of turning around ITC Bhadrachalam Paperboards from an ailing unit to a globally competent profitmaking entity. He also cited the e-choupal initiatives that ITC had undertaken to make Indian farmers competitive.

Sources said Deveshwar was hinting at recognition, from both the government and the public at large, for initiatives by Indian companies like ITC that add value to the economy through job creation and import substitution. ITC Bhadrachalam has outlined a partnership programme with the Andhra Pradesh government and various NGOs that has the potential to create 40,000 jobs in backward tribal areas.