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Business Ethics In India

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“Ethics" is derived from the ancient Greek word "ethikos" which means "theory of living" - a branch of philosophy that entails the study of values and customs of a person or group and covers several concepts such as correct, incorrect, good, evil, and responsibility. Ethics are, by their very definition, personal viewpoints on these concepts. Business ethics are therefore subjective codes of conducts that reflect a particular individual or group 's "ethikos".

As per Wikipedia, Business ethics (also corporate ethics) is a form of applied ethics or professional ethics that examines ethical principles and moral or ethical problems that arise in a business environment. It applies to all aspects of business conduct and is relevant to the conduct …show more content…

Thompson commented that “India is the most important country for the future of the world.” Today, India’s critical and growing role in the global economy is widely acknowledged. Because of its large and diverse population, including a high percentage of working –age adults, India is becoming a major player in the global marketplace and of great interest to multinational companies seeking an educated and cost effective workforce. Yet challenges remain. More needs to be known about the governance and ethics challenges in companies operating in …show more content…

With a spate of recent unethical behaviors by large corporations in the Western world, especially in USA, their societies have become intolerant to businesses that manifest unethical behavior. Legal and regulatory frameworks in these countries have been swift to respond through stringent laws such as the Sarbanes Oxley Corporate Reform Act. Consequently, most businesses based in these countries have become extremely risk averse on the ethics front. Few of them would like to have anything to do with any unethical company in any part of the world. This changed mindset has significant ramifications for Indian companies that have global aspirations. No Indian company that hopes to globalize in any manner can afford to ignore these changes sweeping the global business arena on the ethics front.

Globalizing Indian companies essentially have two options. One is to sit back and wait for the tightening of regulatory and societal screws on them, forcing them into ethical behavior in a reactive mode. The other approach is for them to proactively herald the new era of business ethics by becoming torch bearers of the new order of things. It is in the organization’s self interest to take a proactive posture on the ethics issue, and be well-prepared for the shape of things to

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