It is better to bring up the people below poverty line which would add to the development of the nation rather than passing on the richness from generations to generations which would just make the rich richer. Wipro Chairman Azim Premji holds a strong take upon this subject matter and has thus, insisted the leaders of the Indian industry to share their wealth with the society.
"People who have had the fortune to accumulate wealth should give it back to the society rather than passing it on to subsequent generations," he said, while addressing the delegates at Nasscom Leadership Forum 2011.
The idea of wealth inheritance of the next generation of the family is totally irrelevant and intolerable according to him as it would not do any good to the nation but add to the never ending gap between haves and have-nots in the society. As he quotes Egypt as an example, he tries to explain to the industrialists the impact of widening income gap in the society which is the root cause of India remaining as a developing country.
Premji also stated that the idea of the rich handing out a part of their wealth so as to benefit the society is gaining extreme importance in USA, Europe and other parts of the world, including India. He also proved that he is not somebody who just talks and hardly acts by taking a pledge to transfer shares valued at $2 billion to his trust, Azim Premji Foundation, and use the dividends to improve education facilities in India.
The China, U.S. and European CEOs earlier had their eyes on India as an alternative to spread the geography risk. "Despite the problems we create for ourselves and the governance being in shambles, India was benefiting from this trend," he said. The companies had to accept globalization, hold a versatile set of employees, cut costs and design products for emerging markets due to the slow economic growth in the West. Premji also noted that the low cost healthcare products that were initially designed by GE for Indian market sought a market elsewhere. Although the customers of U.S. and Europe are known to be cost conscious, they were also included amongst the buyers list of healthcare products.
The freedom provided for movement of work forces across the national boundaries was mandatory to attain globalization and putting protectionist barriers would be counter-productive. Premji boldly made a statement that the U.S. would pay a price for what it is doing after he referred to the recent spate of protectionist measures initiated by U.S.
"People who have had the fortune to accumulate wealth should give it back to the society rather than passing it on to subsequent generations," he said, while addressing the delegates at Nasscom Leadership Forum 2011.
The idea of wealth inheritance of the next generation of the family is totally irrelevant and intolerable according to him as it would not do any good to the nation but add to the never ending gap between haves and have-nots in the society. As he quotes Egypt as an example, he tries to explain to the industrialists the impact of widening income gap in the society which is the root cause of India remaining as a developing country.
Premji also stated that the idea of the rich handing out a part of their wealth so as to benefit the society is gaining extreme importance in USA, Europe and other parts of the world, including India. He also proved that he is not somebody who just talks and hardly acts by taking a pledge to transfer shares valued at $2 billion to his trust, Azim Premji Foundation, and use the dividends to improve education facilities in India.
The China, U.S. and European CEOs earlier had their eyes on India as an alternative to spread the geography risk. "Despite the problems we create for ourselves and the governance being in shambles, India was benefiting from this trend," he said. The companies had to accept globalization, hold a versatile set of employees, cut costs and design products for emerging markets due to the slow economic growth in the West. Premji also noted that the low cost healthcare products that were initially designed by GE for Indian market sought a market elsewhere. Although the customers of U.S. and Europe are known to be cost conscious, they were also included amongst the buyers list of healthcare products.
The freedom provided for movement of work forces across the national boundaries was mandatory to attain globalization and putting protectionist barriers would be counter-productive. Premji boldly made a statement that the U.S. would pay a price for what it is doing after he referred to the recent spate of protectionist measures initiated by U.S.
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