Supreme Infrastructure gained 15%, Kennametal rose 10%, while Carborundum Universal declined 4%
Narayana Murthy emphasized the country needed more of management than administration because management in due course leads to growth
To operate in a globalized world, Indian companies have to learn to leverage the power of multicultural teams operating seamlessly across nations and bringing in diverse proficiency, chairman emeritus and chief mentor of Infosys Technologies, N R Narayana Murthy said.
Receiving Sir Jehangir Ghandy Medal for social and industrial peace at the 56th convocation of XLRI School of Business and Human Resources, Narayana Murthy said “sustained growth requires a company to have a strong value system and the value system of a company builds its character and ensures longevity.”
He also emphasized the country needed more of management than administration because management in due course leads to growth.
Expressing his gratitude to the XLRI for conferring him the medal, Narayana Murthy said “I am delighted to receive this prestigious award from a highly reputed and the oldest management institute of the country”.
The award was instituted by XLRI in 1966 in memory of Tata Steel's first general manager Sir Jehangir Ghandy.
In his presidential address, Tata Steel managing director H M Nerurkar, said India's growth story has just unfolding with sustainable and inclusive growth. Nerurkar is the chairman of XLRI board of governors.
At the convocation, 235 students of post-graduate programmes in management, three students of fellow programme in management from Jamshedpur campus and 19 students from ex-PGP course from Dubai campus received their graduating certificates.
The fund will support SMEs in states like Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa, Rajasthan, Uttar Pradesh and West Bengal, IFC vice president for global industries Rashad Kaldany said.
With an eye on the growing SME sector in low-income states, International Finance Corporation (IFC), a member of the World Bank Group, has decided to invest $20 million (around Rs100 crore) in Pragati Equity Advisors to fund projects in these regions.
“Considering that there is a huge scope for development in SMEs in low income states, we have decided to invest $20 million in Pragati Equity that will provide support to SMEs outside major urban centres creating jobs and promoting inclusive economic growth,” IFC vice president for global industries Rashad Kaldany told reporters.
The fund will support SMEs in states like Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Orissa, Rajasthan, Uttar Pradesh and West Bengal and areas, where attracting private investment has traditionally been a challenge, he said.
“IFC's investment in Pragati will help enterprises in these states to access finance, thereby creating employment opportunities for the underserved,” he said.
IFC, which has earmarked around $1 billion for the year ended June 2012, plans to invest around 20%-30% of the funds in SMEs in low income states, Kaldany said.
“SMEs operating in the country's low-income states are constrained by limited funds. We see a huge opportunity in this sector as it not only gives job opportunities to the locals and ensure over all development of the region, but also gives a good commercial rate of return to our investments,” Kaldany said.
Emphasising on the opportunity in low-income states, he said, “Nearly 45%-50% of population is in these areas that have attracted around 2.6% of the total foreign direct investment (FDI). There is tremendous growth opportunity here. Since investing directly in SMEs is difficult, we are looking at co-investment opportunities like the one with Pragati.”