Varanasi (Uttar Pradesh) [India], November 2 (ANI): Renowned economist Professor Jeffrey D. Sachs hailed the Adani Group as a primary contributor to India's infrastructure-led growth, while underscoring the critical role family-run business models play in advancing social responsibility.

Professor Sachs, who serves as the Director of the Center for Sustainable Development at Columbia University and President of the United Nations Sustainable Development Solutions Network, made the remarks at The World Symposium on 'Ancient Wisdom for Modern Challenges' in Varanasi on Monday. 

Addressing the gathering, he recognised the enterprise's wider economic impact, noting that the group functions as one of the major drivers of change and progress across the country.

He highlighted the scale of work carried out by both the conglomerate and its social welfare arm, the Adani Foundation, observing their initiatives in advancing sustainable development inside India and globally.

Referring to the Adani Group, he said such enterprises carry not just a family's identity but also its values, heritage and responsibility towards society. He stressed the importance of businesses considering what they give back to the communities in which they operate.

Illustrating the challenges of embedding social responsibility in publicly traded companies, Professor Sachs cited former Unilever Chief Executive Officer Paul Polman's experience. Despite Polman's efforts to position the company as a socially responsible enterprise, he faced considerable resistance from shareholders, investors and analysts who expected him to prioritise financial returns.

He also questioned the pursuit of commercial opportunities in artificial intelligence without adequate attention to the risks involved. Referring to Anthropic, he pointed to the contrast between warnings from its CEO about the potentially catastrophic consequences of the company's technology and its reported pursuit of a major initial public offering (IPO). He argued that addressing such risks warranted greater attention than advancing commercial ambitions.

Professor Sachs' observations linked the responsibilities of family-led enterprises towards society with the wider accountability expected of businesses developing technologies with far-reaching consequences. (ANI)