The Government has long been encouraging the participation of women in the social and corporate world, but a substantial change has is yet to happen. It took 177 years for the Bombay Chamber of Commerce and Industry (BCCI) to find the right woman for the top post. The Chamber recently appointed Neera Saggi, Chief Executive Officer, L&T Seawoods, as its first woman President. The over 4,000 member companies of the Chamber account for roughly one-third of India’s GDP.

BCCI was founded in 1836 by seven Britishers and three Parsees to promote and protect the mercantile interests of the Bombay Presidency. The chamber was responsible for the first railway line built in India between Bombay and Thane in 1853. Incidentally, Saggi has now been trusted by L&T to develop a high-end 40-acre business park with an investment of Rs 4,000 crore on the outskirts of Mumbai. She spoke to Business Line on various corporate issues. Excerpts:

Why did it take so long for the Chamber to find a woman leader?

(Laughs) I don’t think I am the President just because I am a woman. I strongly believe that it should not be the only criterion for selecting a candidate for such an august industry body. Probably, they could not find a woman who has the expertise and willingness to dedicate time for the betterment of the chamber.

Why is representation by women at the social and corporate levels lagging?

I think it is more a social issue. The Government has done its part by laying down the regulations. Now, it is time for society to take it forward. Family members should encourage their women to take the lead role. Men need to share a few responsibilities on the domestic front to free up women to lead the society or the corporate world. The Government’s focus to boost women’s participation in the society has brought about changes even in rural areas. Gone are the days when men acted as proxies to their sisters or wives in panchayats. Women now want to take responsibility and are also ready to face the challenges.

How can companies make good the shortage of women talent at the board level?

Women need a lot of determination and support to reach the level of independent director on the board of companies. It is imperative for corporate houses to spot the women who have the potential to reach that level but could not achieve it for various reasons. Though I do not support reservation, I believe there is a need to make a beginning somewhere. Even at the managerial level, women need accommodative policies. On this front, I find the Government a better employer.

Many manufacturing units have moved out of Mumbai. Do you think the city is losing out?

This problem is not unique to Mumbai. It happens across all major cities in India. As business activity flourishes, the manufacturing sector needs to move to the periphery of the cities. Real estate prices have become too expensive for workers to stay close to the factory. This is where the Government plays a role by laying down the best of infrastructure to connect the city with the manufacturing hubs. Many companies have set up their factories in places such as Nashik, Nagpur and Vidarbha. Various incentives offered by the Government for promoting tier-II and tier-III cities have also helped companies to relocate their factories.

Poor infrastructure has been Mumbai’s bane. Can the Chamber play a role in improving it?

Definitely. We have lot of infrastructure companies as members. They are willing to share their expertise. But they need to be involved at the planning stage for better implementation. The Government should encourage single-window clearances for infrastructure projects. Delays in securing clearances from multiple agencies derail projects and lead to cost overruns. Prolonged delays in clearances sometimes render the project unviable.

Despite ample opportunity, why is foreign investment lagging in infrastructure?

We need to have a simple policy structure to attract foreign investment in any sector, leave alone infrastructure. This is where the single-window clearance becomes important. The Government should advocate minimal restrictions to attract foreign investment. For instance, the FDI norms in retail prescribe foreign retailers to source a portion of their goods from small and medium enterprises. If this is implemented, the Government needs huge machinery and money to monitor it. What happens if an SME grows in size after striking the deal? The Government should only act as a facilitator with minimal intervention.

>suresh.iyengar@thehindu.co.in

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