The disparities in everyday living are now opening up large debates both at home and abroad.Tata Group chairman Ratan Tata’s purported remarks expressing surprise at fellow industrialist Mukesh Ambani living in a billion-dollar mansion in Mumbai has sparked off a controversy. Mr Tata was quoted by London’s Times newspaper as having said, “It makes me wonder why someone would do that. That’s what revolutions are made of. The person who lives in there should be concerned about what he sees around him and [asking] can he make a difference.
“If he is not, then it’s sad because this country needs people to allocate some of their enormous wealth to finding ways of mitigating the hardship that people have.”
However, a day after his remarks on Mukesh Ambani's residence in Mumbai, the Tatas disputed the reported attribution to its chairman, saying that the comments were taken out of context and factually incorrect.
“The report is out of context and factually incorrect. Mr Tata's comments on wealth are in the larger context of the growing disparity in the society. The comments seem to have been deliberately sensationalised,” the company said.
Top CEOs – while choosing not to comment on the specific controversy – agreed that the widening disparity needs to be addressed , either through what some call conscious capitalism, or through greater corporate social responsibility.
“I know disparity is high. I think conscious capitalism is a way forward. Corporate have to look at all shareholders and consciously invest in all shareholders,” said FICCI president Harsh Mariwala.
“There are few corporates who have done something in the fields of education and health. I am hopeful that the Corporate India will rise to this occasion. Also, if we can ensure that all sections of society benefit from India's growth, we will have sustainable growth,” said Naina Lal Kidwai, Group General Manager and Country Head, HSBC in India.
RIL has chosen not to comment on the issue. In April this year, Mukesh Ambani had said that the purpose of business cannot solely be profit and entrepreneurs need to have a larger purpose.
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