'Industry owes its success to society'

SINDRI: Business houses and industries need to understand that society is the most important stakeholder in their business and they owe their success and growth to the society, said V K Singh, DGM (education and CSR), Bokaro Steel Ltd, highlighted the need for sustainability in holistic and long-lasting development of the society.
Delivering the management day lecture on "Towards Sustainable Business and Society: Agenda for Action", organized by the Jharia Coalfield Management Association in collaboration with the management society, the department of management studies, ISM Dhanbad, on the institute campus on Thursday, Singh said development must meet the present requirement without compromising the abilities of future generations.
Sustainability extends far beyond CSR and is the way to secure the future of the generations to come, he said and highlighted the basic principles of sustainable development stating that it can only come from the heart and organizations need to be committed to this cause. Eco-effectiveness, socio-effectiveness, sufficiency and eco-equity are the four criteria that need to be met if sustainable development has to be reached, he maintained.
Earlier, Prof Pramod Pathak, president, Jharia Coalfield Management Association, opened the subject to the audience consisting of a large gathering of management and engineering students, academicians, NGO functionaries and business persons among others.
Prof J K Pattanayak, head, department of management studies, presented a memento to the speaker while MBA student Sourabh Mehta proposed the vote of thanks.