The abundant potential of the Indian domestic market, driven by its emerging middle class, cost-competitiveness and large talent pool, continues to make the country one of the most preferred destinations for investments and businesses. Nevertheless, instances involving multibillion dollar irregularities have tarnished India’s public image in the international business community.
A comprehensive framework is required to help curtail corruption at higher levels. Promotion and adoption of responsible business practices by corporations in India will aid understanding of how corruption and unethical business practices are corroding not only the economy but also the corporate environment.
The project is aimed at increasing awareness of current anti-corruption laws and regulations and promoting healthy business practices that are sustainable and replicable. Also, increasing the scope of the existing legislations may also effectively prevent problems for the payer.
Strong law enforcement and a zero tolerance approach toward unethical business practices is the most effective way to combat corruption. Since the global environment is rapidly changing, it will only be a matter of time before Indian regulations align themselves with internationally acceptable ethical business practices and anti-corruption laws and practices.
Description of Integrity Partner
Today the world is grappling with environmental and social problems and businesses are increasingly being scrutinized with regard to these issues. Against this background, the Confederation of Indian Industry (CII) set up the Centre of Excellence.
CII, founded over 117 years ago, is India’s premier business association and has played a proactive role in the country’s development process. It is a non-government and a not-for-profit organization, which is industry-led and industry-managed. CII set up the Environmental Management Division in 1992, which was renamed the ‘Centre of Excellence for Sustainable Development’ (CII-CESD) in 2006.
As the country and the business community gears itself toward achieving sustainability, the CII-CESD provides the fundamental principles and the direction in which to move. It enables the government and business to engage with the myriad of sustainability issues facing the country.
This project is supported by Siemens as part of the Siemens Integrity Initiative.
Source: Project profile provided by the Integrity Partner as at date of funding agreement. For updates kindly refer to the latest Siemens Integrity Initiative Annual Report.