Traditional Indian business culture puts a premium on favours, clanship and friendship. Friendship is regarded with high value, whether based on personal friendship, family friendship or school friendship. Conflict of interest does not blend well with the Indian value of group loyalty. Businesses breaking the law in India are rampant. Tax evasion and corrupt practices are commonly seen from individual citizens to businesses of all kinds and scale.
Almost all of the unethical business behaviour in India can be seen in the areas which are government administration related whether national, state, city and village. This business culture even extends to million dollar businesses out of the country. Indian billionaire businessman Gautum Adani makes special request to Australian Prime Minister Malcolm Turnbull to introduce a law that prohibits environmental activist groups from seeking judicial review of environmental approvals for major projects like his coal mine, rail and port project in Queensland.
There are number of impractical or restrictive laws causing more corruption in public services and the citizen. Businessmen and common men are subjected to many conditions making them resort to corrupt practices. Corruptions happen in different ways such as speed money, nepotism, underhand commission, nuisance value, avoiding legal punishment by breaking the law. A study showed that the most corrupt areas in India are the legal system and the police. Many Indian business people now even have their own police escorts driving them not just around Indian cities, but all over the world.
21st century businesses are finding ways not to succumb to corrupt practices by the government. Transparency International analysis showed that businesses can manage to get their rights without going the routes of corruption. A firm resolve by company executives can make it possible for businesses to behave ethnically in its relationship with the government and private sectors. Adhering to ethical standard makes good business sense. There are good examples of successful and ethical businesses in India worth emulating. Three Indian companies made it to the 2015 World’s Most Ethical Companies including The Tata Power Company Limited, Wipro Limited, Tata Steel Limited.
The World’s Most Ethical Companies are leaders in their industries measured by key ethical criteria such as corporate social responsibility, employee well-being, environmental compliance and company track record. The three companies are shining example of how ethics can be the foundation of how companies function. Globalisation is driving India towards more ethical business practices. Today nsw compensation lawyers in India are increasingly integrated with businesses from highly industrialized countries that adhere to ethical business behaviour. Younger generation of Indian entrepreneurs are willing to adhere to ethical business standards. Most of their companies are now creating Chief Ethics Officer position for their business.
Digital technology helps to bring great transparency and sustainability in the system. Business organisations have discovered that working together with non-profit and government organisations not only solve social problems but can give them new insights and approaches to creating business opportunities. Helping to solve community needs creates opportunities and develops ideas and demonstrates business technologies, to widen the market, and solve longstanding business problems. In today’s global economy ethical business practices increase competitiveness in the industry while helping to further sustainable excellence.