Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 97
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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        LATEST NEWS UPDATES | We mean business, mostly -Pradeep Narayanan &amp; Dheeraj    </title>
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-The Hindu Business Line

Lack of financial transparency and social inclusion is at the root of India&rsquo;s lopsided growth story, finds the India Responsible Business Index

&lsquo;Sab kuchh dikhta hai (everything is visible)&rsquo;, the tag line of the now controversial Rotomac pens..."/>
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-The Hindu Business Line

Lack of financial transparency and social inclusion is at the root of India&rsquo;s lopsided growth story, finds the India Responsible Business Index

&lsquo;Sab kuchh dikhta hai (everything is visible)&rsquo;, the tag line of the now controversial Rotomac pens..." />
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    <h1 class="cat-box-title">We mean business, mostly -Pradeep Narayanan &amp; Dheeraj</h1>
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                            <div align="justify">-The Hindu Business Line<br /><br /><em>Lack of financial transparency and social inclusion is at the root of India&rsquo;s lopsided growth story, finds the India Responsible Business Index<br /></em><br />&lsquo;Sab kuchh dikhta hai (everything is visible)&rsquo;, the tag line of the now controversial Rotomac pens seems to assume a sinister meaning in light of the recent financial fraud involving owners Vikram and Rahul Kothari.<br /><br />The recently unearthed Nirav Modi scam, with no LoU [Letter of Understanding] lost, is another case in point. What began as corruption with the involvement of a few bank employees has snowballed into aroughly ?12,000-crore racket.<br /><br />In the race toward greater profit, the biggest casualty is transparency, not just in financial matters, but also commitment to inclusive growth. Nowhere is this more critical than in a country like India where crony capitalism is the unwritten rule of law. With the red carpet being rolled out to corporates continuously to improve the Ease of Doing Business ranking, there is a conscious attempt to &lsquo;reform&rsquo; at the cost of the community &mdash; workers, supply chain, citizens and those affected by business operations, and those pushed out in the name of development.<br /><br />The recent findings of the third round of the India Responsible Business Index (IRBI), developed through a collaboration between Praxis-Institute for Participatory Practices, Corporate Responsibility Watch, Oxfam India, Change Alliance and Partners in Change, highlight this malaise. The IRBI draws on the spirit of social responsibility outlined in the National Voluntary Guidelines on Social, Economic and Environmental Responsibilities of Business (NVGs), evolved in 2011 by the government of India.<br /><br />It analyses policy disclosures in the public domain made by the top 100 listed companies and vets these against five elements of social inclusion &mdash; non-discrimination, respecting employee dignity and human rights, community development, inclusive supply chain, and community as business stakeholders.<br /><br />It is pertinent that 15 of the top 100 companies are either banks or related to the finance sector. Four of these are nationalised banks. Over the last few years, nationalised banks have been facing a backlash over increasing non-performing assets (NPA). In fact, three years ago, Arun Tiwary, Union Bank of India chairman and managing director said 58 per cent of the bank&rsquo;s NPAs were the result of stalled projects. Poor risk assessments of proposed projects by banks notwithstanding, their willingness to engage with responsible business practices of borrowing companies seems a far cry. The sector that could play a progressive role in ensuring responsible practices has ranked poorly across all elements. In this scenario, of the only four banking and finance companies with policies recognising the need for impact assessment of projects, three have disclosed mechanisms for carrying out the assessment.<br /><br />Only nine companies, across sectors, have disclosed their human rights due diligence. Assuming that most of the top 100 companies would be project-financed by financial institutions, a transparent financial sector in terms of public disclosure will definitely help, especially when regulator-based disclosures are not delivering. Banks also have an instrumental value in ensuring responsible business across the corporate sector, if banks adhere to NVG principles and have related mechanisms in place. But IRBI scores show the contrary as banking and finance average scores fall amongst the lowest quartile in supply chain and community as business stakeholder elements.<br /><br />The index finds that unless mandated by specific laws, companies prefer to not disclose policies relating to that specific domain. For example, only four of the top 100 companies refrain from disclosing their anti-sexual harassment policy on their websites and all disclose the number of women members in ther workforce and the board. However, when it comes to inclusion in the supply chain, fewer companies are open to disclosure. What the index shows is that companies are satisfied with having policies for employees, and not extending the same to the supply chain.<br /><br />Please <a href="https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true" title="https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true">click here</a> to read more.</div>                                                           
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    <br><a href="https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true" class="re" target="_blank">The Hindu Business Line, 1 March, 2018, https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true</a><div class="clear"></div>
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Lack of financial transparency and social inclusion is at the root of India&rsquo;s lopsided growth story, finds the India Responsible Business Index

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Lack of financial transparency and social inclusion is at the root of India&rsquo;s lopsided growth story, finds the India Responsible Business Index

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    <h1 class="cat-box-title">We mean business, mostly -Pradeep Narayanan &amp; Dheeraj</h1>
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                            <div align="justify">-The Hindu Business Line<br /><br /><em>Lack of financial transparency and social inclusion is at the root of India&rsquo;s lopsided growth story, finds the India Responsible Business Index<br /></em><br />&lsquo;Sab kuchh dikhta hai (everything is visible)&rsquo;, the tag line of the now controversial Rotomac pens seems to assume a sinister meaning in light of the recent financial fraud involving owners Vikram and Rahul Kothari.<br /><br />The recently unearthed Nirav Modi scam, with no LoU [Letter of Understanding] lost, is another case in point. What began as corruption with the involvement of a few bank employees has snowballed into aroughly ?12,000-crore racket.<br /><br />In the race toward greater profit, the biggest casualty is transparency, not just in financial matters, but also commitment to inclusive growth. Nowhere is this more critical than in a country like India where crony capitalism is the unwritten rule of law. With the red carpet being rolled out to corporates continuously to improve the Ease of Doing Business ranking, there is a conscious attempt to &lsquo;reform&rsquo; at the cost of the community &mdash; workers, supply chain, citizens and those affected by business operations, and those pushed out in the name of development.<br /><br />The recent findings of the third round of the India Responsible Business Index (IRBI), developed through a collaboration between Praxis-Institute for Participatory Practices, Corporate Responsibility Watch, Oxfam India, Change Alliance and Partners in Change, highlight this malaise. The IRBI draws on the spirit of social responsibility outlined in the National Voluntary Guidelines on Social, Economic and Environmental Responsibilities of Business (NVGs), evolved in 2011 by the government of India.<br /><br />It analyses policy disclosures in the public domain made by the top 100 listed companies and vets these against five elements of social inclusion &mdash; non-discrimination, respecting employee dignity and human rights, community development, inclusive supply chain, and community as business stakeholders.<br /><br />It is pertinent that 15 of the top 100 companies are either banks or related to the finance sector. Four of these are nationalised banks. Over the last few years, nationalised banks have been facing a backlash over increasing non-performing assets (NPA). In fact, three years ago, Arun Tiwary, Union Bank of India chairman and managing director said 58 per cent of the bank&rsquo;s NPAs were the result of stalled projects. Poor risk assessments of proposed projects by banks notwithstanding, their willingness to engage with responsible business practices of borrowing companies seems a far cry. The sector that could play a progressive role in ensuring responsible practices has ranked poorly across all elements. In this scenario, of the only four banking and finance companies with policies recognising the need for impact assessment of projects, three have disclosed mechanisms for carrying out the assessment.<br /><br />Only nine companies, across sectors, have disclosed their human rights due diligence. Assuming that most of the top 100 companies would be project-financed by financial institutions, a transparent financial sector in terms of public disclosure will definitely help, especially when regulator-based disclosures are not delivering. Banks also have an instrumental value in ensuring responsible business across the corporate sector, if banks adhere to NVG principles and have related mechanisms in place. But IRBI scores show the contrary as banking and finance average scores fall amongst the lowest quartile in supply chain and community as business stakeholder elements.<br /><br />The index finds that unless mandated by specific laws, companies prefer to not disclose policies relating to that specific domain. For example, only four of the top 100 companies refrain from disclosing their anti-sexual harassment policy on their websites and all disclose the number of women members in ther workforce and the board. However, when it comes to inclusion in the supply chain, fewer companies are open to disclosure. What the index shows is that companies are satisfied with having policies for employees, and not extending the same to the supply chain.<br /><br />Please <a href="https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true" title="https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true">click here</a> to read more.</div>                                                           
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    <br><a href="https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true" class="re" target="_blank">The Hindu Business Line, 1 March, 2018, https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true</a><div class="clear"></div>
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Lack of financial transparency and social inclusion is at the root of India&rsquo;s lopsided growth story, finds the India Responsible Business Index

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                            <div align="justify">-The Hindu Business Line<br /><br /><em>Lack of financial transparency and social inclusion is at the root of India&rsquo;s lopsided growth story, finds the India Responsible Business Index<br /></em><br />&lsquo;Sab kuchh dikhta hai (everything is visible)&rsquo;, the tag line of the now controversial Rotomac pens seems to assume a sinister meaning in light of the recent financial fraud involving owners Vikram and Rahul Kothari.<br /><br />The recently unearthed Nirav Modi scam, with no LoU [Letter of Understanding] lost, is another case in point. What began as corruption with the involvement of a few bank employees has snowballed into aroughly ?12,000-crore racket.<br /><br />In the race toward greater profit, the biggest casualty is transparency, not just in financial matters, but also commitment to inclusive growth. Nowhere is this more critical than in a country like India where crony capitalism is the unwritten rule of law. With the red carpet being rolled out to corporates continuously to improve the Ease of Doing Business ranking, there is a conscious attempt to &lsquo;reform&rsquo; at the cost of the community &mdash; workers, supply chain, citizens and those affected by business operations, and those pushed out in the name of development.<br /><br />The recent findings of the third round of the India Responsible Business Index (IRBI), developed through a collaboration between Praxis-Institute for Participatory Practices, Corporate Responsibility Watch, Oxfam India, Change Alliance and Partners in Change, highlight this malaise. The IRBI draws on the spirit of social responsibility outlined in the National Voluntary Guidelines on Social, Economic and Environmental Responsibilities of Business (NVGs), evolved in 2011 by the government of India.<br /><br />It analyses policy disclosures in the public domain made by the top 100 listed companies and vets these against five elements of social inclusion &mdash; non-discrimination, respecting employee dignity and human rights, community development, inclusive supply chain, and community as business stakeholders.<br /><br />It is pertinent that 15 of the top 100 companies are either banks or related to the finance sector. Four of these are nationalised banks. Over the last few years, nationalised banks have been facing a backlash over increasing non-performing assets (NPA). In fact, three years ago, Arun Tiwary, Union Bank of India chairman and managing director said 58 per cent of the bank&rsquo;s NPAs were the result of stalled projects. Poor risk assessments of proposed projects by banks notwithstanding, their willingness to engage with responsible business practices of borrowing companies seems a far cry. The sector that could play a progressive role in ensuring responsible practices has ranked poorly across all elements. In this scenario, of the only four banking and finance companies with policies recognising the need for impact assessment of projects, three have disclosed mechanisms for carrying out the assessment.<br /><br />Only nine companies, across sectors, have disclosed their human rights due diligence. Assuming that most of the top 100 companies would be project-financed by financial institutions, a transparent financial sector in terms of public disclosure will definitely help, especially when regulator-based disclosures are not delivering. Banks also have an instrumental value in ensuring responsible business across the corporate sector, if banks adhere to NVG principles and have related mechanisms in place. But IRBI scores show the contrary as banking and finance average scores fall amongst the lowest quartile in supply chain and community as business stakeholder elements.<br /><br />The index finds that unless mandated by specific laws, companies prefer to not disclose policies relating to that specific domain. For example, only four of the top 100 companies refrain from disclosing their anti-sexual harassment policy on their websites and all disclose the number of women members in ther workforce and the board. However, when it comes to inclusion in the supply chain, fewer companies are open to disclosure. What the index shows is that companies are satisfied with having policies for employees, and not extending the same to the supply chain.<br /><br />Please <a href="https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true" title="https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true">click here</a> to read more.</div>                                                           
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    <br><a href="https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true" class="re" target="_blank">The Hindu Business Line, 1 March, 2018, https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true</a><div class="clear"></div>
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Home हिन्दी

We mean business, mostly -Pradeep Narayanan & Dheeraj

Published on Mar 3, 2018   Modified on Mar 3, 2018

-The Hindu Business Line Lack of financial transparency and social inclusion is at the root of India’s lopsided growth story, finds the India Responsible Business Index ‘Sab kuchh dikhta hai (everything is visible)’, the tag line of the now controversial Rotomac pens seems to assume a sinister meaning in light of the recent financial fraud involving owners Vikram and Rahul Kothari. The recently unearthed Nirav Modi scam, with no LoU [Letter of Understanding] lost, is another case in point. What began as corruption with the involvement of a few bank employees has snowballed into aroughly ?12,000-crore racket. In the race toward greater profit, the biggest casualty is transparency, not just in financial matters, but also commitment to inclusive growth. Nowhere is this more critical than in a country like India where crony capitalism is the unwritten rule of law. With the red carpet being rolled out to corporates continuously to improve the Ease of Doing Business ranking, there is a conscious attempt to ‘reform’ at the cost of the community — workers, supply chain, citizens and those affected by business operations, and those pushed out in the name of development. The recent findings of the third round of the India Responsible Business Index (IRBI), developed through a collaboration between Praxis-Institute for Participatory Practices, Corporate Responsibility Watch, Oxfam India, Change Alliance and Partners in Change, highlight this malaise. The IRBI draws on the spirit of social responsibility outlined in the National Voluntary Guidelines on Social, Economic and Environmental Responsibilities of Business (NVGs), evolved in 2011 by the government of India. It analyses policy disclosures in the public domain made by the top 100 listed companies and vets these against five elements of social inclusion — non-discrimination, respecting employee dignity and human rights, community development, inclusive supply chain, and community as business stakeholders. It is pertinent that 15 of the top 100 companies are either banks or related to the finance sector. Four of these are nationalised banks. Over the last few years, nationalised banks have been facing a backlash over increasing non-performing assets (NPA). In fact, three years ago, Arun Tiwary, Union Bank of India chairman and managing director said 58 per cent of the bank’s NPAs were the result of stalled projects. Poor risk assessments of proposed projects by banks notwithstanding, their willingness to engage with responsible business practices of borrowing companies seems a far cry. The sector that could play a progressive role in ensuring responsible practices has ranked poorly across all elements. In this scenario, of the only four banking and finance companies with policies recognising the need for impact assessment of projects, three have disclosed mechanisms for carrying out the assessment. Only nine companies, across sectors, have disclosed their human rights due diligence. Assuming that most of the top 100 companies would be project-financed by financial institutions, a transparent financial sector in terms of public disclosure will definitely help, especially when regulator-based disclosures are not delivering. Banks also have an instrumental value in ensuring responsible business across the corporate sector, if banks adhere to NVG principles and have related mechanisms in place. But IRBI scores show the contrary as banking and finance average scores fall amongst the lowest quartile in supply chain and community as business stakeholder elements. The index finds that unless mandated by specific laws, companies prefer to not disclose policies relating to that specific domain. For example, only four of the top 100 companies refrain from disclosing their anti-sexual harassment policy on their websites and all disclose the number of women members in ther workforce and the board. However, when it comes to inclusion in the supply chain, fewer companies are open to disclosure. What the index shows is that companies are satisfied with having policies for employees, and not extending the same to the supply chain. Please click here to read more.

The Hindu Business Line, 1 March, 2018, https://www.thehindubusinessline.com/blink/work/we-mean-business-mostly/article22895497.ece?homepage=true

Tagged with: Non-Performing Assets Non-Performing Assets (NPAs) Ease of Doing Business ranking India Responsible Business Index (IRBI) National Voluntary Guidelines on Social Economic and Environmental Responsibilities of Business (NVGs)

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