Economic growth & quality of life must go hand in hand: Piyush Goyal

NEW DELHI — Commerce and Industry Minister Piyush Goyal emphasized on Friday that real inclusion is the only path toward Viksit Bharat (Transformed India) by 2047. Speaking at the TOI Social Impact Summit in Mumbai, Goyal urged for amplified social-impact programs to ensure everyone can be encompassed. Goyal pointed out that corporations are now allocating more than the mandatory 2% of their profits to corporate social responsibility (CSR).

However, he stressed that India's development cannot be achieved solely based on economic growth; it must be balanced with the quality of life provided to the nation's citizens. Goyal noted that government initiatives in healthcare, housing, sanitation, and power supply are designed to foster both economic growth and improved quality of life.

Citing successful examples, Goyal mentioned how providing 40 million people with decent homes has not only given them shelter but also contributed to the well-being of their children and granted them dignity. He highlighted the government's health insurance scheme, which prevents hospital bills from leading people to sell assets or take loans, and the provision of toilets that enhance women's dignity while addressing the issue of open defecation.

The minister expressed concern that the mandatory CSR spending requirement under the Companies Act could undermine India's ethos and way of life. According to Goyal, voluntary contributions are deeply ingrained in Indian society; people naturally wish to contribute to society in whatever capacity they can. He argued that making CSR mandatory alters this intrinsic motivation toward a sense of compulsion.

Nevertheless, Goyal believed that compelling organizations to engage in CSR remains beneficial as it generates additional funds for social initiatives. He highlighted examples such as individuals who have maintained Juhu Beach better than any government project and a local initiative in his constituency to establish sewa kendras (service centers) offering basic amenities like showers, soap, laundry, and water at a nominal rate.

Goyal stressed the importance of collaborating with the private sector on projects like cleaning lakes, with upkeep managed by citizens. He called upon cement, solar power, and water filter companies to contribute to this expanded initiative.