The new campus of the Lal Bahadur Shastri Institute of Management (LBSIM) at Dwarka was inaugurated by President of India Pratibha Devisingh Patil. On the occasion, the President also unveiled the statue of former Prime Minister Lal Bahadur Shastri at the institute campus. Delhi's Chief Minister Sheila Dikshit and LBSIM Chairman Anil Shastri were also present during the occasion. Dikshit addressed the occasion and recalled the humbleness and simplicity of Lal Bahadur Shastri. She also urged the youth and students of the institute to inculcate the same values and morals in their lives. The President, expressing her pleasure at unveiling the statue of Lal Bahadur Shastri and inaugurating the institute, said that it was heartening to know that the institution had been established 15 years ago and has been imparting management education and also attained a good reputation. She added with surety that the new campus with its many facilities would enable the institute to further progress in its endeavor to become a centre of excellence for education and research in the fields of management and technology. Emphasizing on Shastri's humility and simplicity and his participation in the freedom movement at every stage in his life, Pratibha Patil said, “This Institution is a tribute befitting the ethics, values and principles of Shastriji to develop a new breed of management professionals.” Noting that management was necessary for executing and bringing to conclusion a task in a cost effective and time-bound manner, the President said, “It is a concept not confined to business and commerce alone, but extends to running institutions and many activities of public administration. As we are working for the transformation of India, many welfare schemes and infrastructure projects are being implemented under the Public-Private Partnership model. This has meant that the administrator and the manager are working in partnership. Hence, businesses must incorporate social responsibility in their functioning, so that they can contribute to national objectives.” She further added that businesses must develop linkages – backward and forward – with various sectors of the economy and that the corporate world must reach out to the rural economy. Saying that rural development is a priority for India, she said, “This will bring prosperity to the population in rural areas, which will be the key to the future growth of the Indian economy, as it will expand the base of the Indian market and increase the number of our entrepreneurs.” Pratibha Patil said that she had always maintained that the farming community in India constitutes the largest private sector enterprise in our country but the production, financing and marketing possibilities of rural India urgently require new innovative approaches. “This is the challenge for our business schools and our management institutions, who should work closely at the local level with Panchayati Raj institutions, the farmers, local weavers, local craftsmen and local Self Help Groups. Grassroots experience will be necessary to develop new management techniques appropriate to rural areas,” she said. Lauding the institute for having a regular interface with the corporate world such as through industrial visits and summer placements, the Presidents urged the institution to have a greater focus on rural innovations and the many possibilities of rural corporate world linkages during such activities. Stating that the agility with which people respond to new circumstances is a measure of their resilience and preparedness for taking advantage of evolving situations, President Patil said, “Management institutions have to prepare their student so that they are well equipped with the skills to face challenges resolutely, and maintain the competitiveness of the Indian economy.” She further added, “Business has assumed a transnational character, requiring understanding of how to work in interlinked markets. Moreover, the concept of commerce has undergone a radical change in almost every part of the world. E-commerce business through Internet is now an accepted mode of commerce. Management courses should acquaint students with these new instrumentalities of commerce.” Talking about the role of enterprises having increased in the era of a globalized world, the president said that the need for proper regulatory mechanisms, accounting procedure and transparency is critical for the fight against corruption. “Commerce and management studies should include a comprehensive study of good corporate governance, along with different aspects of corporate social responsibility. The purpose of studying and working should have a greater purpose, which is the welfare of communities and societies,” she said. She urged the students and youth to be involved in social welfare activities such as education, health and women's empowerment. She stated that there should be greater opportunities for women in the Indian industry, including as managers and CEOs. Saying that incorporating social and environment angles into the working system made business sense too, the President cited the example of how a responsible approach to environment would mean less pollution and thus, better health of workers, which in turn would enhance their productivity. Concluding her speech, the President wished the institute, its director, staff and students the very best for the future and expressed her confidence that the institution would keep alive the legacy of Lal Bahadur Shastri.