Indian businesses needs to follow ethical corporate practices: NAIDU

Indian businesses need to follow moral or ethical corporate practices and behavior for economic growth as few examples are ruining the image of the industry, Vice President Venkaiah Naidu said on 16 October. Naidu while addressing the 98TH Annual Session of ASSOCHAM emphasized the need to adopt zero tolerance towards corruption, bribery and frauds. He also sought such organizations to create an environment for whistleblowers to report any wrong doing without any fear.

Calling them key drivers of India’s growth, the Vice President tasked the business associations to plan for the long term vision to serve the larger interests of the nation. He stressed the need to reinvent and reposition to promote trade and commerce effectively in line with the changing global scenario. A country like India cannot implement its welfare agenda without the progress and participation of industry, he said.   

The Vice President said that vital structural reforms like the implementation of demonetization and GST by the Indian government have led to an expansion of the formal economy and brought about increased tax compliance and increased the tax payer base.

The Vice President stressed the need to impart education, skills and foster entrepreneurship among young Indians and said that country must harness the potential of youth and utilize the demographic dividend to better country’s prospects. We must empower the youth to become Job Creators rather than Job Seekers, he added.