India's new trajectory of high economic growth is a welcome development, providing the wherewithal to secure progressively higher standards of living. For such rapid economic growth to be sustainable it is imperative to include those living at the margin as meaningful participants in the economic process and preserve the capacity of the natural ecosystem to support growth aspirations. I believe that Indian Business needs to enlarge its contribution beyond its primary role of enhancing economic capital, towards also enhancing social capital and natural capital.

It is indeed an onerous task for business entrepreneurship to shoulder this larger responsibility, while concurrently servicing the growing need to satisfy the providers of economic capital. The urgency of addressing the developmental challenges of inclusiveness and ecological sustainability calls for crafting innovative business models that can simultaneously contribute across the Triple Bottom Line.

Such an approach can gain momentum when an enlightened civil society comprising customers, investors and job seekers finds the mechanisms to reward enterprises that integrate social and environmental concerns into their business models. There is already evidence of such a trend emerging in developed markets. As Indian businesses progressively integrate with the global market, the need for responsible business conduct will become an imperative for global competitiveness.

As a first step towards catalyzing a sustainability movement in India, the CII-ITC Centre of Excellence for Sustainable Development was set up towards addressing the institutional void in developing the requisite capability among Indian industry. The Centre will endeavour to transform Indian businesses by providing thought leadership, promoting awareness and building capacity.

It is an honour for me to Chair the Centre's Advisory Council, which is rich with experience in various facets of sustainability. With the support and commitment of such enlightened leadership, I have every reason to believe that this institution will make a growing contribution to the cause of sustainable development.

I wish the Centre of Excellence the very best in its endeavours.

Y C Deveshwar