Calling for a broadening of corporate social responsibility, Singh said it should not be defined by “tax planning strategies” alone. “Rather, it should be defined within the framework of a corporate philosophy which factors the needs of the community and the regions in which the corporate entity functions.”

The PM said the industry must be more proactive in recruiting workers from underprivileged backgrounds and should guard against attempts to subvert competition. Workers must feel they are cared for at work otherwise India can “never evolve a national consensus in favour of more flexible labour laws aimed at ensuring that our firms remain globally competitive”, he said.

Singh said he felt the representation companies give to people belonging to Scheduled Castes, Scheduled Tribes and other Backward Classes, minorities and women in their workforce and staff must increase. “I look forward to credible results at an early date”, he said, asking CII members to implement the recommendations of this report in a time-bound manner.

Referring to the recent spike in food prices, Singh said “operation of cartels by groups of companies” was keeping prices high, and this practice must end. “Cartels are a crime and go against the grain of an open economy,” he said.

“It is unacceptable to obstruct the forces of competition from having fair play. It is even more distressing in a country where the poor are severely affected by rising commodity prices.”

Earlier this month, the PM had asked industry leaders if economic policies aimed at protecting home businesses were fostering “crony capitalism”.

... contd.