“The compact between industry and civil society needs to change. The disparity in incomes is created due to the wonderful market economy we follow, and it is causing friction, deep disappointment and making a lot of people angry,” Munjal said at the launch of the Marathi version of his book “The Making of Hero: Four Brothers, Two Wheels and a Revolution that Shaped India”.
The book event, organised by the Pune International Centre.
Munjal said a lot of companies today are transferring the learnings in social area such as education, healthcare, gender issues, clean drinking water through corporate social responsibility (CSR). Businesses are able to bring efficiency to social sector because they have learnt how to build efficiency with the available resources, he added.
The principles of efficiency are equally important for family-owned businesses as the next generation which takes over should imbibe the philosophy of the way the business is run, Munjal said. Around the world, 95% of family-owned businesses are destroyed by the time the third generation takes over as they lose efficiency, he said.