Adani Group drives India's infrastructure growth, says Professor Jeffrey Sachs
The economist highlighted the role of family-run business models in advancing social responsibility during a symposium in Varanasi.
Economist Professor Jeffrey D. Sachs described the Adani Group as a primary contributor to India's infrastructure-led growth on Monday. Speaking at The World Symposium on "Ancient Wisdom for Modern Challenges" in Varanasi, Sachs noted the conglomerate functions as a major driver of progress across the country, according to ANI and The Tribune.
Sachs, who is the Director of the Center for Sustainable Development at Columbia University and President of the United Nations (UN) Sustainable Development Solutions Network, highlighted the work of the Adani Foundation. He observed the social welfare arm's initiatives in advancing sustainable development both in India and globally.
The professor remarked that family-run enterprises carry a family's values, heritage, and responsibility towards society. He stressed that businesses must consider what they give back to the communities in which they operate.
Sachs cited former Unilever Chief Executive Officer Paul Polman to illustrate the difficulties of embedding social responsibility in publicly traded companies. He noted that Polman faced resistance from investors and analysts who expected a priority on financial returns despite efforts to position the company as socially responsible.
The economist also raised concerns regarding artificial intelligence, specifically mentioning the US firm Anthropic. He pointed to a contrast between warnings from Anthropic CEO Dario Amodei regarding potentially catastrophic consequences of the technology and the company's reported pursuit of an initial public offering (IPO).
Sachs argued that addressing such technological risks warrants more attention than advancing commercial ambitions.