SPEECH BY HER EXCELLENCY THE PRESIDENT OF INDIA SHRIMATI PRATIBHA DEVISINGH PATIL AT THE FUNCTION OF UNVEILING THE STATUE OF SHRI LAL BAHADUR SHASTRI AND INAUGURATION OF NEW BUILDING OF LAL BAHADUR SHASTRI INSTITUTE OF MANAGEMENT

New Delhi, 23rd February, 2011

I am very happy to unveil the statue of late Prime Minister Shri Lal Bahadur Shastri and to inaugurate the Dwarka Campus of the Lal Bahadur Shastri Institute of Management. It is heartening to note that this Institute founded about 15 years ago, has been imparting management education and has attained a good reputation. I am confident that the new Campus with its many facilities would enable the Institute to further progress in its endeavour to become a centre of excellence for education and research, in the fields of management and technology.

While unveiling the statue, memories of that period of our nation's history came back, when Shastriji was the second Prime Minister of our country. I recall with great admiration the remarkable leadership he provided during a critical phase of our country when we were faced with an external crisis. He guided the nation with determination, wisdom and dedication. Born in a humble background, his rise to Prime Ministership was an outcome of his national fervor and hard-work. His slogan "Jai Jawan, Jai Kisan" sums up his approach and philosophy of national development, which depends on secure borders and the prosperity of the rural economy that can ensure food security. The cause of agriculture was close to his heart, as he understood that without the welfare of the Kisan - the farmer, the nation's progress would falter. Humility and simplicity were his enduring characteristics and with these he endeared himself to the nation. He participated in the freedom movement, and at every stage of his life, he demonstrated the capability and strength of character to take decisions in the interest of the country. He used to say "A democratic country is sustained not by the greatness of a few but by the co-operative efforts of the many", and hence, his call to citizens invariably was to come forward to contribute to the nation. His life is an inspiration, guiding many activities in the country. This Institution is a tribute befitting the ethics, values and principles of Shastriji to develop a new breed of management professionals.

Management is necessary for executing and bringing to conclusion a task in a cost effective and time-bound manner. It is a concept not confined to business and commerce alone, but extends to running institutions and many activities of public administration. As we are working for the transformation of India, many welfare schemes and infrastructure projects are being implemented under the Public-Private Partnership model. This has meant that the administrator and the manager are working in partnership. Hence, businesses must incorporate social responsibility in their functioning, so that they can contribute to national objectives.

India's objectives are clear. It is to work for development that is sustainable; build the capacity and skills of our people; create a fair opportunity for every Indian to accomplish his or her full potential; and push forward the frontiers of knowledge for innovations and creativity as in the emerging world, ideas and intellectual capital will have a premium. With all this, most importantly, we need a system that respects the values of honesty and hard-work as also our rich cultural heritage. All stakeholders would need to put in concerted efforts. In many ways, it is ultimately up to us - as a government, as managers of the public sector, as executives of the private sector, as members of educational institutions and as individuals - to shape the changing environment around us towards a truly sustainable and inclusive nation.

Businesses must develop linkages - backward and forward - with various sectors of the economy. I speak of this as the corporate world must reach out to the rural economy. I think, I echo Shastriji's sentiments, when I emphasize that rural development is a priority for India. This will bring prosperity to the population in rural areas, which will be the key to the future growth of the Indian economy, as it will expand the base of the Indian market and increase the number of our entrepreneurs. I have always maintained that our farming community constitutes the largest private sector enterprise in India. However, production, financing and marketing possibilities of rural India urgently require new innovative approaches, new tools of analysis and new solutions. This is the challenge for our business schools and our management institutions, who should work closely at the local level with Panchayati Raj institutions, the farmers, local weavers, local craftsmen and local Self Help Groups. Grassroots experience will be necessary to develop new management techniques appropriate to rural areas. Speaking at a University function on 19 December, 1964, Shastriji, in fact, had highlighted that while the academic content of technical education should be good, the youth must also have a practical approach to problems. I am informed that the students of the Lal Bahadur Shastri Institute of Management have regular interface with the corporate world including through industrial site visits and summer placements. I would however, urge that there be a greater focus on rural innovations and the many possibilities of rural-corporate world linkages during such activities.

We live in a dynamic world where change is constant. The agility with which we respond to new circumstances is a measure of our resilience and preparedness for taking advantage of evolving situations. Management institutions have to prepare their student so that they are well equipped with the skills to face challenges resolutely, and maintain the competitiveness of the Indian economy. Business has assumed a transnational character, requiring understanding of how to work in interlinked markets. Moreover, the concept of commerce has undergone a radical change in almost every part of the world. E-commerce business through Internet is now an accepted mode of commerce. Management courses should acquaint students with these new instrumentalities of commerce. The role of enterprises has increased in this era of a globalized world, as also have expectations from them to contribute to global financial stability, by operating in accordance with rules and regulations of financial prudence. The need for proper regulatory mechanisms, accounting procedure and transparency is critical also, for the fight against corruption. Commerce and management studies should include a comprehensive study of good corporate governance, along with different aspects of corporate social responsibility. The purpose of studying and working should have a greater purpose, which is the welfare of communities and societies. This generates manifold benefits. Contributing to the welfare of communities will build stable social structures, and this makes it congenial for conducting business. Therefore, be involved in social welfare activities - education, health and women's empowerment. There should be greater opportunities for women in Indian industry, including as managers and CEOs. A responsible approach to environment would, for example, mean less pollution and thus, better health of the workers, which in turn, enhances their productivity. Thus, incorporating social and environment angles into their working system makes business sense as well.

Dear Students, when you complete your studies many of you will join business corporations or set up your own business. Indian entrepreneurs and CEOs compare favourably with their international counterparts, and I am sure that in the future too, management skills of Indians will be acknowledged and appreciated. However, as you build new and better business enterprises; earn money and win laurels, always remember your primary responsibility towards your own country, and that you have a role also, in achieving the collective vision of a stronger and a more prosperous India.

In conclusion, I wish the Lal Bahadur Shastri Institute of Management, Chairman Anil Shastri, its Director, staff and students the very best for the future. I am confident that you will keep alive the legacy of one of the greatest sons of India - Lal Bahadur Shastri.

Thank You.

Jai Hind!