With the establishment of O.P. Jindal Global University, Naveen Jindal has taken a step further in embracing the concept of the “triple bottom line” in both letter and spirit, writes Prof C. Raj Kumar, the founding Vice Chancellor of O.P. Jindal Global University
Nearly 30 years ago, in 1994, John Elkington coined the term “triple bottom line” as a unique concept for business leaders to rethink their approach to profits and business conduct. The vision was to offer a transformative new approach to business leaders challenging them to refrain from focusing solely on profits and urging them to expand their attention to improving the lives of people and the health of the planet. Five years ago, an article published in Harvard Business Review observed, “…But 25 years later, this radical goal has been largely forgotten, and “triple bottom line” thinking has been reduced to a mere accounting tool, a way of balancing trade-offs instead of actually doing things differently. Today, we continue to outstrip our planetary boundaries with no sign of slowing down…”
Naveen Jindal has embraced the concept of the “triple bottom line” in a manner that few industry leaders and business tycoons could ever imagine. The idea of the “triple bottom line” is to focus on profits, people and the planet. But what Naveen Jindal has done is recognise the need to place institution building and nation building at the centre of the focus on profits, people and the planet.
With the establishment of O.P. Jindal Global University, Naveen Jindal has taken a step further in embracing the concept of the “triple bottom line” in both letter and spirit. There are five ways in which this philanthropic initiative to establish a world-class university has a symbiotic relationship with the cause of institution building for nation building.
1. Universities are spaces for transformative ideas
By building universities, Naveen Jindal has invested in the development of transformative ideas. Universities—whether in the fields of STEM, liberal arts, humanities or social sciences—are fundamentally engaged in creating spaces for ideas that contribute to change and transformation in society. By choosing to contribute towards the establishment of universities, Naveen Jindal has prioritised the need for profits impacting the life of people and the future of the planet. While the “triple bottom line” idea exhorts corporations to be mindful of their corporate impact on these three elements, Naveen Jindal’s vision goes beyond the functioning of the corporation. He has expanded the impact of the corporation to the society and the community at large by building universities.
2. Universities educate and empower the youth of a nation
India is a country of 1.5 billion people, and Naveen Jindal has recognised that 1 billion among them are under 35 years of age, with great aspirations to succeed in life. The success of India’s youth is inextricably linked to their ability to pursue higher education, which forms the foundation for their pursuit of knowledge and career opportunities. Through his efforts to establish universities, Naveen Jindal has committed himself to the vision of educating and empowering the youth of India.
3. Universities shape future leaders and changemakers
Universities, by their very nature, shape the future leaders and changemakers of the world. The education, skills, and values imbibed through the process of learning and engagement within a university shape the character of young adults. Conscious of the importance of leadership in nation building, Naveen Jindal invested in the idea of universities shaping the next generation of leaders. Leaders and changemakers are present in every walk of life; therefore, universities—regardless of discipline or subject area—will inspire and foster the development of leadership capacities.
4. Universities facilitate research and foster innovation
It is important to recognise that the vision of the “triple bottom line” was to focus on the internal character of corporations and business enterprises, thus emphasizing on profits, people and the planet. However, Naveen Jindal was conscious of the external impact of corporations and business enterprises. A corporation, regardless of its size and resources, has limited impact, as its stakeholders are limited by nature of its business and industry. Universities, on the other hand, are fundamentally research-oriented, enabling them to have the bandwidth to make a wider impact on society. By establishing universities, Naveen Jindal had the vision to facilitate research and encourage innovation that could address different challenges of society. He knew that universities were the best avenues for pursuing research; hence, he focussed on their contribution towards fostering a culture of innovation.
5. Universities provide institutional platforms to speak truth to power
Naveen Jindal believed in the role of universities to be the conscience keepers of society. Universities are institutions engaged in the development of views and perspectives that could challenge existing norms and practices. To foster such a conducive environment, Naveen Jindal deeply believes that faculty members must enjoy academic freedom in their institutions to speak truth to power. By establishing universities to serve as institutional platforms that will engage with complex issues with intellectual integrity and rectitude, Naveen Jindal has made an extraordinary contribution to institution building and nation building.
Article Credit: businessworld