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Comprehensive value creation of human capital is the key for sustainable business growth

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New Delhi: While giving introductory remarks at a webinar titled ‘Human Capital Innovation: India’s Roadmap for Dignified Economic Growth’, organised by CUTS International, Pradeep Mehta, Secretary General, CUTS International remarked that the productivity of human capital is directly proportional to its well-being.

The capacity of human capital including it’s social, political and economic well-being act as a major driving factor in the growth of an enterprise and economy as a whole.

He also stated that there is an inherent merit in preserving human dignity which leads to dignified economic growth. Therefore, it is imperative on us to explore ways through which human capital can be innovated, thereby ensuring its welfare in all its forms.

Virjesh Upadhyay, General Secretary, Bhartiya Majdoor Sangh, highlighted that the focus of deliberations around labour reforms should be on its enforcement parameters. He further pointed to the fact that the trade unions are not being given official roles in any labour-related schemes, except in the case of Building and Other Construction Workers, thus, limiting the role of tripartism.

Sumita Ghose, Founder and Managing Director, Rangsutra reflected on the significance of representative decision-making of businesses by adopting a participatory approach. She went on to highlight examples from RangaSutra whereby artisans and their representatives are closely involved in apex decisions of business affairs which gives them a sense of ownership in the process.

Rituparna Chakraborty, Co-Founder and Executive Vice President, TeamLease, underlined the need to further the process initiated by the recent labour codes of reducing compliance burden of various legislations and regulations on businesses. She also remarked that a mindset change to induce ethical business practices would require optimal and strategic supervision of the business enterprises and their actions.

Bharat Wakhlu, Founder and President, The Wakhlu Advisory, opined that the measure of success of businesses should change to include the externalities that they create on environment and the quality of lives of the people. He further stated that there is a need for a paradigm shift from profit making approach of businesses to a comprehensive value expansion approach towards workers and human capital.

Sanjay Srivastava, Business Thought Leader and Strategic Advisor remarked that there already exists a framework to guide all the stakeholders for ensuring economic prosperity by following the 3-P principle of people, planet and profits. The Sustainable Development Goals are also a leap forward in this regards.

Summarising the enriching and insightful discussion, Bipul Chatterjee, Executive Director, CUTS International, highlighted the need for balanced approach involving coordination between society, government and market. He further opined that the formation of ethical and moral consciousness in businesses has to go beyond regulations and laws.

The webinar was attended by approximately 50 participants. These included trade union representatives, industry representatives, academicians, sector experts, civil society organisations, media personnel, etc

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