Expressing deepest condolences on Mr Deveshwar’s demise, Mr Vikram Kirloskar, President, CII, said, “A titan and guiding luminary of Indian industry, Mr Deveshwar’s commitment and passion for sustainable business was an inspiration for all. Mr Deveshwar’s devotion to inclusive growth in India was laudable and he led by example.”
“Working with diverse sections of society, he created new livelihood opportunities for millions of people. By doing this, he introduced new models of doing business, embracing technology, agriculture, and industry in new ways. He ardently advocated for a Triple Bottomline approach to corporate strategy to keep the interests of society and the environment at the heart of business. Following these ideas, he set a role model for business in all that he did. His is a legacy the world needs to emulate”, said the CII President.
“For me personally, Mr Deveshwar, Yogi to all, was a warm and generous leader who always found time to engage with all. We will deeply miss his erudite guidance and sage advice. Our thoughts and prayers are with his family at this time,” Mr Kirloskar added.
The Confederation of Indian Industry (CII) expressed its deepest condolences at the sad demise of Mr Y C Deveshwar, Chairman, ITC Ltd and Past President, CII. It is a great loss for Indian industry and for CII which he led with exemplary commitment. Mr Deveshwar was the President of CII in 2005-06. His legacy continues through the CII-ITC Centre of Excellence for Sustainable Development (CII-CESD), which he set up during his Presidency. He continued to chair the Centre’s Advisory Council, the CII release said.
Mr Deveshwar leaves behind a notable legacy through his successful demonstration that sustainable business is indeed profitable and can maximise returns to all stakeholders. He was the first Indian business leader in the post-liberalisation era who successfully demonstrated that companies could grow and succeed by mainstreaming sustainability or Triple Bottomline in their business, CII further added in the release.
On an area that is dominated by business models in developed markets, Mr Deveshwar created one of the most celebrated sustainable businesses in an emerging market, delivering rapid growth in revenues, profitability, and market capitalisation.
The CII release said that as President of CII during 2005-06, Mr Deveshwar took many innovative initiatives for competitiveness, inclusiveness and sustainability regarding Indian industry which CII has since internalised.
He was recipient of the CII President’s Lifetime Achievement Award.
11 May 2019