Prof Charan Singh
CEO & Founding Director, EGROW Foundation
Prof (Dr.) Charan Singh is the CEO and Founder Director, EGROW Foundation. He is also the Non-Executive Chairman of Punjab & Sind Bank. Earlier, he was the RBI Chair Professor of Economics at the prestigious Indian Institute of Management Bangalore, India; Senior Economist at the IMF, Washington DC; and Research Director (Economic Policy, Debt Management) at the RBI. Among other positions, Dr Singh served on the Board of NHB and NABFINS. Dr Singh has published extensively and has two books to his credit.
Prof Charan Singh at the Defining Responsibility Framework, an India 2047 - Centre of Excellence Workshop
Prof Charan Singh
CEO & Founding Director, EGROW Foundation
Key Points
- Initiative to create responsibility frameworks is laudable. It will help address timely action to address significant matters.
- Respectable and credible organisations should develop Indian indices.
- Standards should exist in various fields, including gaming and digital finance.
- Self-regulation and awareness amongst professionals in these industries will be called for.
- Effective regulation can help prevent crisis, cites the example of subprime crisis.
- Digital finance technologies are to be treaded carefully.
Recommendations
Gold Market and Independence
- There is need for India to assert its sovereignty in economic matters, citing the dominance of London Bullion Standard in the Indian gold market despite being the world's largest consumer of gold.
National Indices and Global Standards
- India should develop its own indices and standards rather than relying solely on Western benchmarks. He cites the example of the Global Hunger Index, which originated from a Western academic thesis, as an opportunity for India to create its own indices based on domestic realities and priorities.
- Creation of Responsibility Frameworks concerning Corporate Digital Responsibility and Gaming is a welcome step creating Indian Indices.
Indigenous Indices and Standards
- Invest in research and development to create indigenous indices and standards that accurately reflect India's economic and social realities.
- Collaborate with knowledge-based organisations, academic institutions, research organisations and international bodies to develop comprehensive indices for measuring key indicators.
- These indices should be based on rigorous methodology and widely accepted by domestic and international stakeholders.
Capacity Building and Collaboration
- Strengthen institutional capacity and promote collaboration among government agencies, regulatory bodies, academic institutions and industry stakeholders.
- Facilitate knowledge exchange, capacity-building initiatives, and multi-stakeholder dialogues to address emerging challenges in areas such as digital finance, technology regulation and economic development.
- Foster partnerships between public and private sectors to leverage resources and expertise for effective policy implementation.
Self-Regulation in Technology
- Self-regulation in the technology sector, particularly concerning addictive features in online platforms and gaming.
- Ethical standards to be set and enforced, pointing to the example of behavioural economists and psychologists working for major IT companies to make their products addictive.
Transparency and Accountability
- Corporations should prioritise transparency regarding their digital practices, including data collection, usage, and algorithms.
- Regular audits and reporting mechanisms should be implemented to ensure accountability.
Community Engagement and Consultation
- Engage with communities and stakeholders affected by digital technologies to understand their needs, concerns and preferences. Incorporate this feedback into decision-making processes to ensure that digital solutions are inclusive and responsive to diverse perspectives.
Environmental Sustainability
- Consider the environmental impact of digital technologies and adopt practices that minimise energy consumption, e-waste generation, and carbon emissions. Embrace sustainable design principles and explore renewable energy sources for data centres and other digital infrastructure.
Responsible Marketing Practices
- Corporations should avoid employing manipulative marketing tactics that exploit vulnerabilities or encourage excessive consumption. Marketing strategies should be honest, transparent and respectful of consumer autonomy.
Financial Regulation and Digital Finance
- There might be a parallel in subprime crisis in the financial world and potential risks in digital finance.
- There is need for robust regulation and oversight, especially considering the complexities of digital transactions and the vulnerability of a largely financially illiterate population.
