Partner HNIs for progress
Apropos of the data (FE, August 14) that Anil Ambani, Lakshmi Mittal, Azim Premji, Pallonji Mistry and Dilip Sanghvi are the top five Indian billionaires, commanding a total of R5,23,897 crore in personal wealth. Indeed, they have ventured bravely into the industrial and business spheres to earn this wealth. Also, they have earned this fortune by undertaking business ventures in key sectors, viz, oil, gas, steel, pharmaceuticals and IT sector. All these five billionaires have established philanthropic foundations in the field of education, health, environment, social welfare and community development. One of them gets both entertainment and earnings out of holding a cricket team. But the astonishing fact is that all the five have no political affiliation in an apparent way and they exert no influence in the matter of rendering governance to the nation through party mechanisms. Philanthropic moves and Corporate Social Responsibility are the two modes through which they undertake societal service. When there is a hue and cry for the development of public private partnership to augment nation?s infrastructure, why is not the government looking to partner these wealthy industrialists for some key PPP projects in which the gestation period is long; with the strength of their wealth, they will be able to bear it and create successful PPP ventures. We need more in coal mining, much beyond CIL?s effort. Also, a long road has to be taken for creating power plants. For railway infrastructure, where there is now better scope for FDI, these high net-worth individuals (HNIs) can join in to strengthen the Railway sector. The feasible and immediate participation that they can have is developing highways under the PPP mode. But it is also not fair to expect them to do jobs that various governments have failed to do due to failed governance and policy paralysis. Yet, nothing wrong in persuading HNIs to undertake such ventures for nation?s welfare. But the question is: will they do it? They already are contributing by helping the economy grow.
NR Nagarajan
Sivakasi
