6th Subir Raha Memorial Lecture

1. ON “BUSINESS AND TRUST”
Subir Raha
Memorial Lecture
by Arun Maira
Chancellor - Central University of Himachal Pradesh,
Former Member - Planning Commission of India
and Former Chairman - Boston Consulting Group, India
30th November 2016, Tagore Chamber, Scope Convention Centre, Scope Complex, Lodhi Road, New Delhi - 110003

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Subir Raha
Memorial Lecture
Subir Raha
Memorial Lecture
table of contents
INTRODUCTION
Welcome remarks
Business And Trust
Question And Answer Session
Launch of Industrial Water Benchmarking Study for India
Vote of Thanks
Profiles
13
4
5
7
11
14
15

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Subir Raha
Memorial Lecture
Subir Raha
Memorial Lecture
SUBIR RAHA
1948-2010
Introduction
The Subir Raha Memorial Lecture is an annual event
organized to honour Late Mr. Subir Raha, the Founder
President of the Global Compact Network India and
Former CMD, ONGC. His vision and foresight has been
instrumental in leading GCNI to become the first local
network to be established as a legal entity in 2003.
Late Mr. Raha set up the organization in November
2003 and led it till May 2006.
The lecture since its inception has been attended
by Corporate Leaders, CMDs and Senior Manage-
rial Personnel from leading private and public sector
companies and other key-stakeholders including
academia, NGO’s, senior bureaucrats, industry cham-
bers and representatives of the UN system in India.
The Lecture series was started by Global Compact
Network India (GCNI) in 2010, to pay tribute to the
achievements of the great leader, and is delivered
by experts and luminaries from different walks of life.
Since its initiation in 2010, five memorial lectures have
been organized by GCNI.
welcome remarks
By
Mr. Dinesh K. Sarraf
President, Global Compact Network India and
Chairman & Managing Director,
Oil and Natural Gas Corporation Ltd
Mr. Arun Maira, presently Chancellor, Central Univer-
sity of Himachal Pradesh, Former Member of Planning
Commission of India and Former Chairman of Boston
Consulting Group, India ; Dr. S.P.S. Bakshi, Vice Pres-
ident (Northern Region) and Chairman-cum- Manag-
ing Director, Engineering Projects (India) Limited; Dr.
Uddesh Kohli, Senior Advisor, United Nations Global
Compact, my fellow GC members, members of the
Global Compact Network India, colleagues from
ONGC, friends from the media, ladies and gentlemen.
As President, Global Compact Network, India, it is my
pleasant duty to welcome you to the 6th Subir Raha
Memorial Lecture to honour the memory of our erst-
while charismatic and beloved Chairman & Manag-
ing Director of ONGC as well as founding President
of the Global Compact Network, India Late Mr. Subir
Raha. He was instrumental in setting up the organ-
ization in November 2003 and led it till May 2006.
Though he has left us for a better world, his vision,
deeds and actions continue to inspire and motivate us
even today. His passion, vision and foresight have led
Global Compact Network India today to become one
of the leading networks among the UNGC family.
Each year, Global Compact Network India, which has
benefited immensely from the leadership of Late Mr.
Raha, hosts a memorial lecture to honour his memory.
We at GCNI are indeed honoured today to have Mr.
Arun Maira, address us at the sixth Subir Raha Memo-
rial Lecture on a very timely and pertinent theme of
‘Business and Trust’, an issue which is ever so more
crucial for each one of us here.
Our esteemed Guest today, Mr. Arun Maira, former
member of Planning Commission of India and former
India Chairman of Boston Consulting Group quite
honestly, needs no introduction as he is the one who
led the development of strategies for the country on
issues relating to industrialization and urbanization,
and drove the formulation of policies and programmes
in these areas. I approached Mr. Maira to deliver this
lecture and Sir, I am extremely grateful to you that you
graciously accepted our invitation.
As a host, I reserve the privilege of a formal, albeit a
brief introduction of Mr. Maira to the august House.
Mr. Arun Maira was appointed as a member of the
Planning Commission of India. He has led three rounds
of participative and comprehensive scenario building
for the future of India: in 1999 (with the Confederation
of Indian Industry), 2005 (with the World Economic
Forum), and 2011 (with the Planning Commission of
India). In his career spanning five decades, Arun Maira
has led several organisations, including the Boston
Consulting Group in India. The other leadership posi-
tions he has held include being the chairman of Axis
Bank Foundation and Save the Children, India. He was
also board member of the India Brand Equity Founda-
tion, the Indian Institute of Corporate Affairs, the UN
Global Compact, and WWF India. With his vast expe-
rience and expertise, Mr. Maira is indeed a thought
leader. He is invited to speak on various forums and
has written several books that capture his insights.
Today, Mr. Maira has chosen to speak on ‘Business and
Trust’, a subject quite relevant in today’s context.
Mr. Nandan Nilekani, Former Chairman,
UIDAI, Government of India delivered
the first memorial lecture on the theme
‘Unique Identification Project – Experi-
ences and Lessons for Transparency’.
Mr. B. Muthuraman, Former Vice Chair-
man, Tata Steel Limited delivered the
second memorial lecture on the theme
‘Corporate Governance and Responsi-
bility of Companies towards Community’.
Dr. Sam Pitroda, Former Adviser to the
Prime Minister of India on Public Infor-
mation Infrastructure and Innovations
delivered the third memorial lecture, on
the theme ‘Sustainable Development
and Inclusive Growth in 21st Century:
Possibilities and Challenges for India’.
Mr. U.K Sinha, Chairman, Securities and
Exchange Board of India, (SEBI) deliv-
ered the fourth Memorial Lecture on the
theme ‘Expanding Paradigm of Corpo-
rate Governance’.
Dr. Anil Kakodkar, Former Chairman,
Atomic Energy Commission & INAE
Satish Dhawan Chair of Engineering
Eminence delivered the 5th Subir Raha
memorial lecture on the theme of Good
Corporate Governance’.

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Subir Raha
Memorial Lecture
Subir Raha
Memorial Lecture
Trust is a crucial factor in both businesses and govern-
ment. There is shockingly large ‘trust deficit’ between
hopes and expectations of people and the reality of
what businesses are doing today. The leaders of both
the institutions must relegate the lack of trust while
calling for integrity both at the societal and personal
level. Rebuilding trust between businesses and soci-
ety has been high on the agenda of many corporate
in recent years.
The stakes are getting higher as stakeholders’ expec-
tation around transparency and corporate responsi-
bility to ‘do good’ increase. These expectations have
been enshrined in the Sustainable Development Goals
(SDGs), the UN set off 17 global goals which set priori-
ties for sustainable development through to 2030.
I am also pleased to inform you that UNGC’s prag-
matism and visionary approach find resonance in the
new SDGs, integrating the three ‘interdependent and
mutually reinforcing pillars’ of economic, environment
and social indicators for ensuring holistic and sustain-
able development for the humanity at large. No matter
how large or small and regardless of their industry, all
companies can contribute towards SDGs. While the
scale and scope of global goals is unprecedented,
the fundamental way the businesses can contribute
remains unchanged. Global challenges are in need of
solutions that the private sector can deliver, represent-
ing a large growing market for business innovation.
Without any further ado, and my responsibility as a
host to accord a formal welcome and to frame the
context being dispensed with, all that remains for me
is to express my sincere gratitude to Mr. Maira for his
so graciously agreeing to deliver the 6th Subir Raha
Memorial Lecture and sharing his perspective on -
Business and Trust with us this evening.
I also thank our guests for investing their precious and
valuable time in being with us on this solemn occasion.
Thank you!
Business and Trust
By
Mr. Arun Maira
Chancellor, Central University of Himachal
Pradesh, Former Member, Planning
Commission of India and Former Chairman,
Boston Consulting Group, India
Mr. Sarraf, thank you very much for inviting me this
evening to be here with you on the occasion to remem-
ber an old friend Mr. Subir Raha and the Founder
President, Global Compact Network in India. I had the
privilege of working with him when he was conceiving
this idea. So, when Dr. Kohli said it is about Subir Raha
and it is about the Global Compact, of course I had to
come and it’s a pleasure to be with you all and meet
his daughter. They both are lovely people and it is such
a pleasure for me to talk about his achievements with
you here.
The day before yesterday at a public function, which
was about India going forward in the next twenty
years, the erstwhile bureaucrat Mr. Vijay Kelkar was
requested to say a few words. He came on to the stage
and said the best time that he had in shaping public
policy in India was when he was the Secretary of Petro-
leum. Mr. Vijay Kelkar worked with petroleum compa-
nies directly to make them into world class companies
and recalled the time that he and I had working in the
late 90’s. So, it is nice to be among family and friends.
Thank you very much for inviting me again.
I have chosen to speak on the subject of United
Nations Global Compact which is about trust and busi-
nesses and there are five things I wish to talk about
today. One is the value of trust, second is the state
of trust in institutions in the world today, third is how
business can win trust, fourth is making the distinction
between liking and trusting and the fifth is about the
need for an institutional reforms about the purpose of
the business and it’s institutions.
Trust is not built through legal contracts between
parties. It is built by doing the right thing. The value of
trust in my personal stories is about what trust in the
business or in the business house co-operations do to
people in the society. When I joined the Tatas in 1965,
all Indians thought that the most trusted institution in
the country after the government was Tata and below
that there were public sector companies coming up
which people were learning to respect them slowly.
When I joined Tata, I was not sure whether I did the right
thing. One should have joined the government but not
the businesses making money. One day, I arrived at
the Santa Cruz airport in Bombay while returning from
the business trip to Singapore. During those days in
the late 1960’s, we were not permitted to travel abroad
and to travel abroad the person and the company
had to explain to the Reserve Bank of India why travel
was necessary. You were also not allowed to go for
more than one week and you were given a personal-
ized sum of around 8 pounds a day and expected to
pay for your hotel, travel and everything out of it. After
coming back, one had to return the balanced money
and account details of money spent abroad.
In my first trip abroad as no one else in my company in
Bombay had been abroad. So, I thought maybe I could
buy something which was not available in India. I did
bring back a bag full of ball pens, paper weights, toys
for people’s children as there were so many people to
give things to. I arrived at the airport and joined the line
at customs as they were very strict and each one had
Subir Raha
Memorial Lecture
Value of Trust

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Subir Raha
Memorial Lecture
Subir Raha
Memorial Lecture
While we talk about what can business do about
winning trust, let us talk about the state of trust in the
institutions. There are three sets of institutions that
I wanted to put into the framework which includes
citizens at the very top, the government on one side
and the businesses on the other. The governments
believe in the purpose to serve people and this is the
only way they will be allowed to function. They have
to win the trust of the people to remain in the power
and to get elected. We have a lot of Public Private
Partnership projects in this country where government
and businesses trust each other but we don’t have
trust in businesses and government and therefore
we are not progressing. The trust has to improve
between the businesses and the people, people
and the government and between government and
corporations. When government and the businesses
trust each other people began to say that there is
a collision going on for vested interests. Citizens
eventually asks, how does the partnership serve
people if government and businesses are happy with
each other? In such situation, businesses also start to
suffer as the government has to regulate the business
and start poking its nose in businesses. Naturally, the
government must honour the citizens first and they
should do something to control businesses because
people do not trust businesses.
In the last few years, not just in India but in different
parts of the world, post the financial crisis people
accused the government of sleeping. How could
they have let the businesses do what they have been
doing? We are the tax payers not they, so why they
are given so much importance while policy formula-
to stop. I was a young person and was very nervous as
I had a big bag. When my turn came the custom officer
was delighted to have caught a person and asked
what all I have brought? I produced all the bills and
meanwhile the queue which was once delighted that
a person has been caught, was now becoming very
impatient. The Senior Custom Officer came and asked
about the problem. The agent said that Sir, this person
says that he has got only 500 rupees stuff and look it is
all over the place. The Senior Officer asked me where
I worked. I said that I work in Tata Steel. He then said
to the agent that if he works with the Tata he is telling
the truth and the Senior Officer started putting my stuff
back in the bag. This was the reputation of the busi-
ness company for which people and the society says
it is a very trustworthy organization and everyone who
works at the organization works that way. So, building
value for your organization is about building trust in
your organization by your action.
The second story is about some foreign ventures of
ours which were facing problem because our local
partners were not able to manage investment and
make profit. The Foreign Bank wished to close down
the venture which would have been very embarrassing
for us. So, the bankers came to Mumbai and said that
they are going to fold this company by just informing
us. We did not know what to do because in those days
as we could not send money to foreign to help sustain-
ing the venture. Our Chairman offered a letter saying
that we will do whatever can be done in terms of
better management and the best people to make this
company turn around. He committed that though we
cannot send money abroad, it is our guarantee to you
that the company will turn around. The banker laughed
but he had to accept the letter as Indians could not
send money. He took this letter to the Deutsche Bank
in Germany who had been bankers to the Telco joint
venture with Daimler Benz for years and they said
to him that a letter signed on the Tata letterhead by
the CEO of a Tata company is better than the finan-
cial guarantee of a bank. So, in business transactions
the reputation you build up has a lot of value though
you cannot convert it immediately into money value.
It improves the life of people like mine was improved
and I am so proud of myself. Trust was very important
to make it a great success which they were otherwise
not able to do if they had not been so trusted.
they know I care for them. Businesses are spending
more time in glossy reports about what they do but they
are not listening to people. So, stop propagating the
good work you have done, save your money and just
go out and listen to people. Be vulnerable, be able to
take criticism of yourself and when they know that you
are listening and accepting the criticism, trust and rela-
tionship can begin. If you stop listening when they start
telling what matters to them and which they believe
you are not honoring it, you do not know but you lost it
already. And once you heard what people care about
you must honestly report that what you have done in
a transparent fashion and not in a marketing fashion.
Subir Raha
Memorial Lecture
Trust Us. Surely You
Know Who We Are.
I will trust you, if I
perceive you are acting
in my interest.
State of Trust in Institutions
How Business Can Win Trust?
tion? But the first reaction after the financial crisis from
the different economists and the businesses itself was
that the government should educate the people that
if businesses are overly controlled, then the econ-
omy will suffer and the people will suffer in turn. It is
government’s job to educate people that businesses
are good for the people. Free businesses and loose
regulations are for the good of people.
For many years in our country businesses have been
asking government to get out of the way and to leave
business running to them. The reaction came that
people do not trust businesses and the businesses are
saying that tell them we are good for them. So, now we
are putting government in front to win the trust. And
then falling back into a situation where the bureaucrats
and the government will regulate us. Then, what should
business do in this situation? We have to win the trust
of the people. A direct line has to be drawn between
the people and the businesses. People trust you if
they know deeply that you care about them. This is the
relation I want to establish between me and citizen, not
just by saying it in words, but by providing evidence
through action, that we do care for them.
This leads to some fundamental questions: How would
I know what people care about? What matters to them?
And which aspect therefore I should honour so that
Building value for
your organization is
about building trust
in your organization
by your action.

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Memorial Lecture
Subir Raha
Memorial Lecture
The key responsibility of the Chief Executive is to run
a business and make more profits for shareholders.
Should it be done by turning a blind eye on how my
business is trampling the rights of some people? How
does it matter as long as my shareholder value and
profits are going up?
I know the public sector is not like that but they are
told that you should be like that. Running a business
these days is all about being like a good private sector
CEO- earn respect and profits, and accountability to
shareholders, in a very frequent manner. The rest of
the society is considered to be a socialist organization.
However, today the businesses are expected to also
be socialist organizations, which is ideologically diffi-
cult to accept.
This leads me to other fundamental questions - are we
a socialist country or a capitalist one? Here, we as a
United Nations Global Compact are being asking to be
responsible citizens. But the Chief Executives and their
boards are saying that you have charged us to play
a role which is to run the company to make profits. I
was with the government and had been in the private
sector for 40 years before that. There was a discussion
and I was the only from the private sector, and there
were some very important NGOs and other stakehold-
ers. So, I just asked this question that how many of
you have invested your money in the mutual funds
and everybody responded yes. Then I asked what
would you like the mutual fund do to you? Make more
money? Who runs the companies in which the mutual
funds are invested? These are people like me and
what do you expect me to do? You want me to make
more money for you and I am making more money for
you. So, if you as an activist and representative of the
citizens want me to play a different role then you must
in your actions allow me to play that role.
There is a relationship between institution of businesses,
the institution of people who represent citizens and there is
government who regulates. Unless, the relationship between
the three is properly defined it will be very difficult for the
I can give you the money but I do not trust you as an entity
or human being. I like it because I can get a good meal
with you but that does not mean I trust you. So, better
way to win trust is not only spending money on Corporate
Social Responsibility (CSR) activities but think deeply
about other things also. The difference between CSR as
we have started practicing by putting it into 2% law and
the Global Compact ten principles is justice. If you read
the ten principles of the Global Compact they nowhere
asking you to spend money on anything and they are
not asking you to measure yourself. And 2% spending
in CSR is about measuring. And now, if you have to give
money into the public sector co-operation which is going
to consolidate everybody’s money and give it to Prime
Minister’s fund, it is just a tax that you have paid, but the
giving of 2% or 5% of your profit will not earn you the trust.
Someone who gives zero amounts and looks after the
communities and environment by all their actions, should
they be trusted more? Global Compact has 10 principles,
the first of which is commitment to Human Rights. So, think
about everything that you do as a corporation impinging
on human rights? Are you a responsible citizen impinging
on rights of others and what are you going to do about it?
And the last one is tenth principle which is about the anti-
corruption. In India, paying money to facilitate running of
business is corruption, although it helps the businesses to
give more results to the share holders, despite it violating
the principles of Global Compact.
Mr. Maira I have a question about
business risk. The public perception
is not positive towards business risk.
As we all know, whenever business
undertake something new like when
ONGC started Samridhi, there is a huge
risk at that point that it may or may not
succeed. I can see from media if any
company fails there is a huge backlash
and complete breakdown of trust and
very rare to get the second chance to
build back. How do we sensitize the
public to this reality of risk that there
can be failure but it’s an honest effort
that in any business you can have equal
chance of failure and success?
Business is about taking risk. Limited
Liability Company Institution idea was
created in the 17th century to enable
investor to take risk. Risk means that
you can lose but also you can gain a
lot. When you gamble you are taking
a chance. In that case, you can lose
everything but you may gain a lot. So,
the idea of Business Corporation as a
Limited Liability Company is to enable
risk to be taken. If, I am taking a good
genuine business risk on the behalf of
all the shareholders and if something
went wrong people will find it hard
because they have put in money but
they might excuse if you don’t have
any personal angle. In instances like
Mallya, the thing is that he lost nothing
but the employees lost a lot. So, you
can say that in his case people mistrust
businesses is not because thing went
hard but because of the values of
governance and Mallya himself. So, we
have to be completely cautioned, that
we took a sincere risk for the sake of
money in the business, not my money
but people’s money.
We all know that private sector promoters
have a large amount of money and also
Q
A
Question and Answer
Session
With that I am leaving you back with this
quote and a challenge for the United Nations
Global Compact Network India, for the public
and private sector leaders here and may
I also add the representatives of citizens.
There has to be a dialogue between us and
in that dialogue I would say the Corporations
do not show off and Civil Societies does not
get angry and just listen to them. Businesses
really have good hearts but they have got
a challenge because shareholders made
them to do and value different things. So,
if you want businesses to do something
different we have to reframe the contracts
between the institutions and let the leaders
of the institutions do work and live by the
new contract. And that is what United
Nations Global Compact is all about. Thank
you very much for giving me the time to be
with you and share my thoughts with you.
Thank you.
Better way to win trust
is not only spending
money on Corporate
Social Responsibility
(CSR) activities but to
think deeply about other
things also. The difference
between CSR as we have
started practicing by
putting it into 2% law and
the Global Compact ten
principles is justice.
businesses to act responsibly in a way the United Nations
Global Compact asks them to. This is what the United Nations
Global Compact Network is doing to initiate a conversation
between the government side and the civil societies as the
representatives. The United Nations Global Compact is the
only United Nations organization which is run only by the
private sector. So, this relationship has to be established and
discussion for the roles of each of these entities is not going
very far and of course we can run away from our roles by
saying that just give your money and do not get into these
discussions. Give me 2% CSR and leave us alone for having
to check our functions.
Fortunately, there are people in businesses who care; there
are people who made lot of money and say that the way I
made money is not satisfying in terms of being backed by
the business side of the world. Here, we got a newer form
of enterprise called the social enterprise which is about
performing efficiently, using and returning the money. The
main purpose is not to make the money but to impact the
life of the people and the environment in a good way. So,
new forms of institutions must be developed. United Nations
Global Compact India is inviting others to join and live by our
values and let’s change the world together.
Distinction Between Like and Trust
Need of Institutional Reforms
about the Purpose and
Institutions of Businesses
Relationship between
Institutions of Businesses and
People and Government
Time to Conclude Now

7. 12 13
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Memorial Lecture
Subir Raha
Memorial Lecture
avoid the community engagement
and got into serious troubles. Until
and unless the corporate develop a
capacity to engage with the community,
things are not going to change. How
these situations occur and how do we
correct that?
There is deep-seated mistrust, so all
that we need to do is struggle. If people
say that your profits are lower than
someone else’s and then you may say
I don’t care. Like the leaders in the UN
Global Compact, you have to voluntarily
decide to be a better person and
different sort of corporations. When you
choose this root you will be struggling
because the world around you will not
let you be different so easily. Also, it is
important that we help each other to
care and believe that all the institutions
in the society should be respected.
Citizens should be respected, we need
trustworthy governments and they
should be respected and we need
business and corporations because
you provide value in society. So, it is a
triangle of trust and all three of us have
to play roles in that.
I would like to know what role should
government play for corporate and
community engagement?
All that government can do is to
prepare a national voluntary guideline
and develop frameworks. The
government in Denmark and France
are asking businesses to talk directly
to people. They require businesses to
adopt practices in consultation with
communities and then transparently
reporting about them in a framework
to communities. This is very different
to 2% CSR. There is a big difference in
the two approaches in getting citizen
support for corporation. I fear that
simply getting a 2% of CSR is making
Civil societies like corporation but they
are being very short sighted. NGOs
need to play a bigger role in promoting
trust in the world today.
they may have made ways to protect
themselves but minority shareholders
have little amount of money comparatively.
For taking this risk, the minority has
spent all their money on which they were
depending for the rest of their life. For
Example, suppose all of us have to take
an equal haircut but for me there is no
hair left but you still have some. So, this
is not fair. Your understanding of the risk
others are taking when they are investing
in your business is very important. And
as I say, if you close your business it’s
not just minorities got affected, but the
communities that are dependent on
livelihoods. Not necessarily they are
your direct employee as there are many
possibilities by which they are depending
on your business for livelihoods and the
whole town got affected .
Then, the thought arises in public that
these business people are only looking
out for themselves and the government
is bailing them out but what about us?
So, it comes back to Limited Liability
Company in one thing and one thing you
have to honour what that requires you
to do. The responsibility that you have
as a CEO of Limited Liability Company,
we must honour that. Beyond that, and
that is what the Tata’s dilemma is, they
work and they are now being saying that
should we measure the performance of
the person or should we measure other
values also? So, these are the questions
have to be understood by all of us.
On corporate decrease the fact is that
business mistrust is so deep rooted
that we can conclude from the saying,
“Tata ho ya Bata, har Kisi ne hum Ko
loota”. That speaks about the mindsets
of the country. History has come to a
point today where the bureaucracy
is too deeply entrenched in mistrust.
How do we address it? Also, the
corporate capabilities are not oriented
to engage with communities. They want
to go through the government directly
ignoring the communities. We can see
in the cases of Vedanta in Odisha and
many other companies which tried to
Q
Q
A
A
Launch of Industrial Water
Benchmarking Study for India
Mr. Arun Maira also launched the Industrial Water Bench-
marking Study for India on the occasion of 6th Subir
Raha Memorial Lecture in the presence of Mr. Dinesh K.
Sarraf, President, Global Compact Network India (GCNI)
and Chairman & Managing Director, Oil and Natural Gas
Corporation Limited; Dr. S.P.S Bakshi, Vice President
(Northern Region), GCNI and Chairman-cum-Managing
Director, Engineering Projects (India) Limited; Mr. D.D
Mishra, Chair, Asia Pacific Resource Centre, GCNI and
Director (HR) ONGC; Dr. Uddesh Kohli, Senior Advisor,
UNGC, New York and other representatives.
The Industrial Water Benchmarking Study for India
presents a strong forum for different stakeholders to
understand the nuances related to industrial water
usage in India. The industrial water study represents a
small yet significant first step that ONGC has taken in
this direction. The study seeks to explore water related
trends and challenges faced by the industrial sector in
India.
The study focuses on two main sectors:
Thermal Power Generation (which accounts for the
largest share of industrial water consumption), and
Iron & Steel (which poses a significant risk to the
water bodies in the form of effluents and waste-
water discharge).
Key takeaways from this study:
There is a need to evaluate the true cost of wa-
ter to industries. This will improve the decision
making process and provide a holistic view of
the water value chain.
Fresh water is a limited resource and maximizing
its life cycle within an industry is a key priority. In-
troducing circularity in water usage both from a
process and business perspective can help indus-
tries make a giant leap in that direction.
The need to engage right stakeholders to manage
water usage is very important. Be it communities,
regulatory agencies or expert groups – involving
a diverse set of stakeholders can promote innova-
tion and scale up solutions through customization
and standardization.
>
>
1
2
3
License to
operate
Statutory limits with
respect to water
withdrawal
Impact of water
discharge on
environment
Water access
and availability
Impact on
communities
Impact Intensity
Timeframeforriskrelevance
Declining
water quality
Inefficiencies due to
technology obsolescence
Rising
government
scrutinyRising
water
prices/
treatment
costs
Need for
sophisticated
approach for water
management
Rising
stakeholder
expectations
Conflicts
related to
water sharing
Climate
severities
(floods and
droughts)
Immediate risks
High impact risks

8. 14 15
Subir Raha
Memorial Lecture
Subir Raha
Memorial Lecture
Profiles
Arun Maira is the Former Member of the Planning
Commission of India. Any discussion on policy and
the future of India is enriched with Arun Maira’s views.
In his career spanning five decades, Arun has led
several organizations, including the Boston Consult-
ing Group in India. In the early part of his career, he
spent 25 years in the Tata Group at various important
positions. He was also a member of the Board of Tata
Motors (then called TELCO). After leaving the Tata’s,
Arun joined Arthur D Little Inc (ADL), the interna-
tional management consultancy, in the US, where he
advised companies across sectors and geographies
on their growth strategies and handling transforma-
tional change.
Another decade later, he became the Chairman of
the Boston Consulting Group, a position he held for
eight years till 2008. The other leadership positions
he has held include the Chairman of Axis Bank Foun-
dation and Save the Children, India, and Chairman,
Quality Council of India. He was also board member
of the India Brand Equity Foundation, Indian Institute
of Corporate Affairs, and UN Global Compact.
Recognizing his astute understanding of both macro
as well as micro policy issues, Arun has been involved
in several government committees and organiza-
tions, including the National Innovation Council. He
has been on the board of several companies as well
as educational institutions and has chaired several
national committees of the Confederation of Indian
Industries.
In 2009, Arun was appointed as a member of the
Planning Commission, which is led by Prime Minister
of India. At this minister-level position, he led devel-
opment strategies for the country on issues relating
to industrialization and urbanization, and drove the
formulation of policies and programmes in these
areas. He also advised the Commission on its future
role.
Presently, Arun Maira is the Chancellor of the Central
University of Himachal Pradesh, Chairman of Help
Age International, a Member of the Advisory Board
of the Global Economic Symposium, Chairman of the
Foundation of MSME Clusters, and President of the
Consumer Unity and Trust Society of India. He is invited
to speak at various forums and has written several
books that capture his insights. His most recent
book, published in September 2015 is An Upstart in
Government: Journeys of Change and Learning. His
earlier books include Redesigning the Aeroplane
While Flying: Reforming Institutions; Remaking India:
One Country, One Destiny; Transforming Capitalism
Improving the World for Everyone, and Shaping the
Future: Aspirational Leadership in India and Beyond.
Mr. Arun Maira
Chancellor, Central University of Himachal Pradesh,
Former Member, Planning Commission of India and
Former Chairman, Boston Consulting Group, India
Vote of Thanks
By
Dr. Uddesh Kohli
Senior Advisor, United Nations Global
Compact, New York
President, Global Compact Network India, Mr.
Arun Maira, and Dr. Bakshi, Its my pleasant duty
and I am privileged to propose a vote of thanks
to Mr. Arun Maira. I have known him for almost
15 years now and heard him several times. Every
time I find something different, something new
and something which we can take home with us.
He speaks in a very simple and conversational
style and today also he did the same. I should
also thanks Mr. Sarraf for chairing this session
and for guiding Global Compact Network India
activities; and Dr. Bakshi who finally managed to
join us despite his meetings. I would also like to
thank Ms. Shuva Raha for attending this lecture.
She has been making it every time whenever we
have lecture and hope we keep this trend. Last
but not the least, I thank all the representatives
for coming here to attend Subir Raha Memorial
lecture and making this programme successful.
Thank you very much.
Subir Raha
Memorial Lecture

9. 17
Subir Raha
Memorial Lecture
Subir Raha
Memorial Lecture
16
ProfilesProfiles
Dr. S.P.S Bakshi
Vice President (Northern Region), Global
Compact Network India & Chairman-cum-Man-
aging Director, Engineering Projects (India)
Limited
Dr. S.P.S Bakshi, Chairman-cum-Managing Director,
Engineering Projects (India) Ltd., A Govt. of India
Enterprise, is an M. Tech & MBA (HRD) with nearly 33
years of rich and comprehensive professional expe-
rience in implementation of Infrastructure Projects
on turnkey basis. Prior to joining EPIL, he had
worked with NHAI & AAI at senior positions imple-
menting prestigious Airport & Highway projects.
He has been conferred upon Degree of Doctor of
Philosophy (Honoris Causa) by Singhania Univer-
sity, Rajasthan. Dr. Bakshi is an active member of
various International & National professional bodies
like the Institution of Engineers, India, the Institute
of Transportation Engineers, USA, Indian Road
Congress, etc. He is the member of-
• Board of Director, International Road Federation,
Geneva.
• Vice President, Construction Industry Develop-
ment Council (CIDC),
• Vice President, Indian Building Congress,
• Vice President, Global Compact Network India
Dr. Bakshi is the recipient of many prestigious
awards in recognition of his contribution towards
Construction Industry.
Dr. Uddesh Kohli
Senior Advisor, United Nations Global Compact,
New York & Chairman Emeritus, Construction Industry
Development Council
Dr. Uddesh Kohli, B.E. (Hons), MBA and PhD in Economics,
is presently the Chairman Emeritus of Construction Industry
Development Council, Chairman of Construction Industry
Arbitration Council and Engineering Council of India. He is
also Secretary General of International Federation of Train-
ing & Development Organizations (IFTDO). He is former
Chairman and Managing Director of a multi-billion $ Compa-
ny-Power Finance Corporation and presently Independent
Director on the Boards of several companies and has been a
Member of the Board of Governors of the prestigious Indian
Institutes of Management, Kozhikode and Bangalore.
Dr. Kohli has been involved with Global Compact since its
inception. He participated, as CEO, in the launch meeting in
UN on July 26, 2000 and his Company was one of the found-
ing signatories of Global Compact in that year. He was instru-
mental in the setting of the Global Compact Network in India
and has been the Focal Point/Representative since inception.
Dr. Kohli is the Executive Member of the Governing Coun-
cil of GCN, India. He is also designated as Senior Adviser
by the Global Compact Office of UN. He has worked as a
Consultant with several other United Nations organizations
and the Asian Development Bank. His wide ranging special-
ization includes corporate governance, strategic manage-
ment, development planning, project planning, appraisal &
management, finance, energy, power systems, corporate
citizenship, reforms and restructuring, public systems, and
training.
Mr. Dinesh K. Sarraf
President, Global Compact Network India,
Chairman & Managing Director, Oil and Natural Gas
Corporation Limited
Dinesh K. Sarraf is the Chairman & Managing Director
of Oil and Natural Gas Corporation Ltd (ONGC), India’s
most valuable Maharatna Public Sector Enterprise and
one of the most premier E&P companies in the world.
ONGC is one of the Fortune’s Most Admired compa-
nies in the world.
He is also the Chairman of ONGC Videsh Ltd, oper-
ating across 16 countries, Chairman of Mangalore
Refinery & Petrochemicals Ltd (MRPL) and five other
ONGC Group companies (OPaL- ONGC Petro-addi-
tions Ltd, OMPL – ONGC Mangalore Petrochemicals
Ltd, MSEZ- Mangalore SEZ Ltd, OTPC- ONGC Tripura
Power Company Ltd and OMEL- ONGC Mittal Energy
Ltd). Mr. Sarraf graduated in Commerce from Shri Ram
College of Commerce, Delhi University and holds a
post graduate degree in Commerce from the same
University. He is an associate member of the Institute
of Cost and Works Accountants of India and the Insti-
tute of Company Secretaries of India.
He has experience of over three and half decades in
the oil and gas industry, having started his oil and gas
career in Oil India Ltd. He joined ONGC in 1991 and
handled various key assignments at corporate offices.
He was elevated to the post of Director (Finance) in
ONGC Videsh in 2005 where he served till 2007.
It is important for all of us to
embrace Sustainable Development
Goals (SDGs) as we move ahead
on the growth curve and India is
uniquely positioned to adopt the
universal goals which is the first
step in creating awareness and
understanding. UN - GCNI will be
the enabler, aggregator and fast
tracker of these global goals. Going
Forward, these SDGs will determine
the success of every nation.
During this period, OVL made significant acquisitions
in Syria, Brazil, Colombia, Venezuela, Cuba, Egypt and
Myanmar. In December 2007, he joined back ONGC as
Director (Finance).
In 2011, Mr. Sarraf went back to ONGC Videsh assum-
ing the charge of its Managing Director. As MD he
transformed ONGC Videsh into an aggressive growth
engine for ONGC Group by clinching many high value
deals within a short span of time. In March, 2014, he
joins back ONGC as its Chairman & Managing Director.
In recognition of his excellence in financial manage-
ment and contributions, he has been conferred with
several accolades including the best CFO Award in Oil
& Gas Sector in India BY CNBC in 2009 and 2011.

10. 18 19
Subir Raha
Memorial Lecture
Subir Raha
Memorial Lecture
Ten Universal Principles of the United
Nations Global Compact
Human Rights
Principle 1: Businesses should support and respect the
protection of internationally proclaimed human rights;
and
Principle 2: Make sure that they are not complicit in
human rights abuses.
Labour
Principle 3: Businesses should uphold the freedom of
association and the effective recognition of the right to
collective bargaining;
Principle 4: The elimination of all forms of forced and
compulsory labour;
Principle 5: The effective abolition of child labour; and
Principle 6: The elimination of discrimination in respect
of employment and occupation.
UNGC Principles
On 1st January 2016, the 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable
Development — adopted by world leaders in September 2015 at an historic UN Summit — officially came into
force. Over the next fifteen years, with these new goals that universally apply to all, countries will mobilize efforts
to end all forms of poverty, fight inequalities and tackle climate change, while ensuring that no one is left behind.
Environment
Principle 7: Businesses should support a precautionary
approach to environmental challenges;
Principle 8: Undertake initiatives to promote greater
environmental responsibility; and
Principle 9: Encourage the development and diffusion
of environmentally friendly technologies.
Anti-Corruption
Principle 10: Businesses should work against corrup-
tion in all its forms, including extortion and bribery.
Sustainable Development Goals (SDGs)
18

11. About Global Compact Network India
Global Compact Network India (GCNI), formed
in November 2000, was registered in 2003 as a
non-profit society to function as the Indian Local
Network of the UN Global Compact, New York. It is
the first Local Network in the world to be established
with full legal recognition. It, also as a country level
platform for businesses, civil organizations, public
and private sector, aids in aligning stakeholders’
responsible practices towards the Ten Universally
Accepted Principles of UNGC in the areas of Human
Rights, Labour, Environment and Anti – corruption,
broad UN goals including Sustainable Development
Goals and other key sister initiatives of the United
Nations and its systems.
At present, the India Network ranks among the top
10 out of more than 103 Local Networks in the world.
It has also emerged as the largest corporate sustain-
ability initiative in India and globally with a pan India
membership of 250 leading business and non-busi-
ness participants and 350 signatories, strengthen-
ing their commitment to the UN Global Compact
Principles by becoming proud members of the Local
Network in India.
For More Details, Please Visit: www.globalcompact.in
Acknowledgements
Project Lead
Shabnam Siddiqui, Executive Director, Additional
Charge, Global Compact Network India &
Director – Centre of Excellence for Governance,
Ethics and Transparency (CEGET)
Event Coordination
Deep Chandra Papnoi, Senior Programme
Coordinator
Report Coordination
Ahmad Adeel Khan, Research Associate
Ankita Kumari, Programme Associate
Tamanna Girdhar, Programme Associate
Special Acknowledgement
Oil and Natural Gas Corporation Limited
Copyright @Global Compact Network India, 2016
SCOPE Minar, Core 3, 10th Floor
Laxmi Nagar, Delhi - 110092
Phone: 011-22406712
Email: gcnindia@globalcompact.in
Disclaimer: This publication is intended strictly for learn-
ing purposes. The inclusion of company names and/ or
examples does not constitute an endorsement of the
individual companies by the Global Compact Network
India Office. The material in this publication may be
quoted and used provided there is proper attribution.