Business Ethics in India And Abroad: An Overview

Abstract

Recent Years have witnessed a sea change in the very approach to corporate governance. Modern corporate governors do not view ‘maximisation of shareholders’ value’ as the sole mission of corporate management. Safeguarding and protecting the interests of the cross-sections of the society has come to occupy the ‘central stage’ of corporate planning today. This ‘new-found corporate philosophy’ is popularly referred to as Business Ethics in management jargon. Of late, the coverage and scope of business ethics have started expanding by leaps and bounds. Corporate practices the world over amply bear out today that the contours of business ethics are no longer confined to an abstract do’s and don’ts for business but represent a set of fundamental beliefs about the same. Observance of corporate ethics has become a global phenomenon with the US emerging as world leader. Other (developed) countries, however, do not lag far behind. Modest attempts have also been made in our country. We do have a host of socially responsible corporate: Tata group of industries providing the beacon light. Yet, we have a long way to go, particularly from the viewpoint of protecting the interests of the consumers, who are badly unorganised even today.