President Of India Speaks About Business Ethics

In the 37th National Management Convention-2010 organized by All India Management Association President of India, Prathibha Devisingh Patil, yesterday said-

“Business is for profit but it cannot be divorced from ethics. This basic principle should be the guiding principle for business houses and thier management. For corporate India to become a credible partner to India’s progess, a trust-based relationship between government, organizations and society at large is a must”

Ethics play a crucial role in developement and progress is being publically stated by the highest government authority in India. Let us commit that the way forward will be the ethical way of doing business.

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3 comments on “President Of India Speaks About Business Ethics

  1. There is much truth in this, but…

    Business decisions often concern complicated situations which are neither totally ethical nor totally unethical. Therefore, it is often difficult to do the right thing, contrary to what many case studies will have you believe! Moral values such as respect, honesty, fairness and responsibility are supposed to dictate our (ethical) behaviour, but are often ignored in times of stress and confusion, when one must stand by one’s principles.

    Leaders have to deal with potential conflicts of interest, wrongful use of resources, mismanagement of contracts, false promises and exaggerated demands on resources. In a proposed sale, is it the seller’s duty to disclose all material facts regarding the product /service in question or is it the buyer’s responsibility to conduct due diligence? Should the seller answer each question exactly as it was asked, and ignore some pertinent information or merely address the spirit of the question?

    Can ethics training prevent Bernie Madoff, Vincent Lacroix, Conrad Black, etc. from being themselves? No, but a well-designed & implemented program can

    (a) help good people to do the right thing consistently

    (b) make it more difficult for wrong-doers to succeed &

    (c) raise people’s ethical IQS

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