Ethical Practices by Indian Corporate Sector

IntroductionEthics means “The study of the general

nature of morals and of the specific moral choices to be made by a person; moral philosophy”.

Types of Ethical Practices

• Justice Practices• Integrity Practices• Confidentiality and Privacy Practices• Self-Control Practices

Importance of Ethics in Business

• Attract customers to the firm's products, thereby boosting sales and profits.

• Make employees want to stay with the business, reduce labor turnover and therefore increase productivity.

• Attract more employees wanting to work for the business, reduce recruitment costs and enable the company to get the most talented employees.

• Attract investors and keep the company's share price high, thereby protecting the business from takeover.

Social and Economic Aspects of Corporate Ethics

• The need for defining the sphere of corporate accountability.• The need for moving beyond ethics

and social responsibility code adoption.• The need for accountability.

Code of Ethics for Indian Industry

• Inclusive Business• Accountable Business• Transparent Business Standards• Fair Competition• Equal opportunities employer• Health, Safety and Environment

India Lacks Business Ethics

• BREAKDOWN OF TRUST• CULTURAL FACTORS• THE WAY FORWARD

Ethics in Indian IT CompaniesWipro: - Wipro Limited is an Indian global

IT services and consulting company headquartered in Bangalore, India.

Tata Steel: - It is a great honor for Tata Steel to be recognized under such an important and prestigious parameter .

HDFC: - India’s largest mortgage lender, Housing Development Finance Corporation (HDFC), has been included by New York’s Ethisphere Institute in its list of the world’s most ethical companies.

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