Television

FICCI's new logo symbolises the dynamic changes of Indian economy

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NEW DELHI: FICCI unveiled a new brand logo in capital today.



Speaking about the incorporation of the new logo FICCI president Dr A C Muthiah said, "The new logo is a symbol of FICCI unbound which encompasses the dynamic changes that the Indian economy is currently witnessing. The amalgamation of traditional sectors with the new emerging ones is truly represented in FICCIs new logo which is boundless and infinite. It represents the current buoyant Indian economy."



Delivering the keynote address on this historic occasion, Prof Sumantara Ghoshal of London Business School said that a new brand is more than a new symbol which throws up opportunities for creating new significance. Lauding FICCIs unique role in the build up of business climate in the country over more than seven decades as an interest group, a shared resource and a rich platform for exchange of ideas, Prof Ghoshal stressed that in todays context, it truly represents a collective conscience.



He drew attention towards an urgent need for new direction, newer visions that must emanate from civil society bodies like FICCI in todays world of global competitiveness. He particularly stressed the need for this new role for he felt that there is a serious crisis of legitimacy for the management.



In this regard, he informed the audience that the roots of de-legitimisation runs deeper. More than 80 per cent people of UK do not trust senior corporate leaders, according to a survey, he informed. Similar is the case with regard to bosses honesty and ethical standards. Distressing is the fact that this distrust is growing. Ghoshal stressed that this is a grave situation and concerns all of us. This not only concerns all of us but we are also responsible for this state of affairs, said he, because in one way or the other we have contributed in creating the world of contest which has gradually given rise to distrust in the system. It is such grave situation that needs to be contained and organisations like FICCI has a special role to play which can create business and intellectual situations replete with ethical, spiritual, moral values said Ghoshal.



Why is it necessary for managers to be trusted and respected is because there is a strong co-relation between economic prosperity of a nation and large organised companies, felt Ghoshal. He enumerated that companies are engines of progress, embodiment of the human capacities of will and imagination, life giving force of entrepreneurship and marshalling yard for societies resources and knowledge. He strongly felt that companies are in a position to leverage the power of collaboration and collective action in the society and has a larger role to play in the economic make-up of the nation.



Outlining how de-legitimisation of management causes loss of managerial will and purpose, loss of internal trust and cooperation, increased external control, Ghoshal said that overall it leads to decline of entrepreneurial zest and organisational cohesion. "If seen from the birds eye-view, it really matters for India is a country and in this regard all of us carry tremendous responsibility," says Prof Ghoshal.



Prof Ghoshal urged new brand FICCI to act as the stimulus towards creating a new world intellectual business environment by pulling together the diverse resources and deftly weaving the elements of professionalism amongst managers.

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