India's poor have benefitted from globalisation: Rahul Bajaj

Criticises the developed nations for getting into protectionist mode

Globalisation has benefitted the financially weaker sections of Indian society, chairman of Bajaj Industries and Former Member of Parliament Rahul Bajaj has asserted, while addressing a special session hosted by Aspen Institute India as part of its ongoing 'CEO Series'.

Moderated by Aspen Institute India's Founding Trustee, Tarun Das, the session-themed 'Leading in the 21st Century'-saw Bajaj at his wittiest best as he shared his views on issues ranging from economy and politics to his business secrets.

During the candid discussion, Bajaj, one of India's most respected business leaders, strongly criticised the developed nations for getting into the protectionist mode, and underscored the advantages of globalisation.

"I feel globalisation is a good thing. It is here to stay. Look anywhere in the world, and you will find that poor have benefitted from globalisation. One downside of this, however, is that inequalities have widened between nations and within nations," he said.

Calling it a case of 'shoe pinching the other foot,' Bajaj highlighted that while the developed nations had been advocating the virtues of free trade, they were not adopting the practice due to global financial turbulence.

Reflecting on his stint in politics as a parliamentarian, Bajaj revealed, "I would not have missed the four years I spent in the parliament for anything. I thoroughly enjoyed the experience, learnt immensely from it, and made a lot many friends. I joined politics because I am a very aware citizen of this country, and wanted to get involved in the process. My background in politics was also a factor. After all, my father was a three-time Lok Sabha member from Wardha in Maharashtra."

Culminating the discussion, Bajaj also shared his business 'mantras' with budding entrepreneurs.

"There are three core values behind a successful business. One, always maintain your honesty and integrity. It might bring you losses initially, but will prove very beneficial in the long run. Two, there is no substitute for hard work. I have worked very hard to build and strengthen my business, for nearly 40 years. Three, do what you want to do, and do it with passion. That is all," he asserted.

Bajaj was a member of the Rajya Sabha, the upper house of the Indian Parliament from 2006-2010. He has received many prestigious awards and recognitions, including the 'Padma Bhushan' by the Government of India in 2001 and the Knight in the Order of the Legion of Honour by the President of the French Republic.