Financial Daily from THE HINDU group of publications
Tuesday, Sep 14, 2004
Financial Daily from THE HINDU group of publications Tuesday, Sep 14, 2004 |
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Corporate
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Corporate Governance Professionalise management of cos: Governor Our Bureau
Chennai , Sept. 13 THE Governor of Tamil Nadu, Mr P.S. Ramamohan Rao, has called upon the captains of industry to professionalise the management of their companies and also empower the professional managers. "Get out of old mindsets. Pay more respect to professional leadership," the Governor said, speaking at a function organised for the release of an autobiographical book written by the well-known management consultant, Mr M.K. Raju. Mr Ramamohan Rao observed that no single style of management would suit all situations. Sometimes it is necessary to be autocratic, sometimes consensual and some other times it is better to delegate authority, he said. He said that India had the potential to become the world's second largest economy by 2040, second only to China. He observed that leading international consultancy firms had said that India would be the third largest economy by that year, but felt that the country had the potential to beat the US and take the second position. "Beating China may be difficult because they have a 10-year headstart over us," he said. Briefly recalling the recent economic history of India, Mr Ramamohan Rao said, "even fifteen years after the course-correction, we have an industry that is still not oriented towards manufacturing excellence and customer service." The Governor felt that what the Indian leadership lacked was "self-esteem". He also released Mr M.K. Raju's book, `The Saga of a Professional'. In the book, Mr Raju recalls his days with Ford India and later his 20-year stint with India Pistons of the Amalgamations group, which came to an end a few years after Mr A. Sivasailam took over as the group's Chairman. A couple of years before he left the group, Mr Raju was nominated by the Government of India as chairman of the public sector Hindustan Photo Films. Mr Raju gives a detailed account of the turnaround story. The book goes on to speak of the setting up of the National Agro Foundation, at the behest of the former Finance Minister, Mr C. Subramanian and the other experiences of M.K. Raju Consultants Pvt Ltd.
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