India lost one of its most iconic business leaders today with the death of Ratan Tata at the age of 95, reports the Times of India.
The former chairman of the Tata Sons conglomerate was known for his philanthropy, particularly in the areas of education and rural development.
"He was a giant in the world of business, but he was also a giant in the hearts of the people of India," said Prime Minister Manmohan Singh in a statement.
"Ratan Tata touched lives of millions," added Singh.
"His commitment to improving healthcare infrastructure is known to all.
Industry titan and philanthropist, Ratan Tata touched lives of millions."
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While philanthropy, social responsibility and corporate governance all already play a role, we will probably see more powerful contributions when companies embed social innovation into their core business strategies and operations.