Ethics and values in Indian economy and business

Abstract

PurposeThis paper seeks to give an idea about the role of ethics and values in the Indian economy and business in ancient times and the changed nature of these factors in the contemporary period.Design/methodology/approachBooks and writings from ancient times are used for discussions related to the earlier periods. Studies by the author and other scholars are used to analyze the contemporary situation.FindingsEthics and values have guided the Indian economy and business since ancient times. With the large‐scale destruction of the native systems in the eighteenth century, and the failure to recognize and revive them after independence, ethics and noble values ceased to guide the economic and business systems. At the local business and society levels, higher human qualities such as help, faith‐based business transactions and basic norms are present even today, especially at the non‐corporate level.Research limitations/implicationsThis paper does not discuss different aspects of ethics and values in detail. For contemporary times, it takes up only a few higher human values such as help, faith and broad‐based norms in business promotion and transactions.Practical implicationsIt highlights the contribution of higher human values such as help, faith and unwritten norms to the business and economy of contemporary India.Originality/valueIt presents that, even in contemporary times, higher values such as help, goodwill and faith‐based transactions help in the economic and business development of India.