A Study on Role of Ethics in Contemporary Businesses in Indian Context

Abstract

Ethics is derived from the Greek word ‘ethos’ which means a person’s fundamental orientation toward life. In the 21st century, business has transformed from irresponsibility to more ethical responsibility. Managers in organizations face ethical issues every day of their working lives. The Organisations being Ethical in their every function is pretty much essential. The Business Ethics leads to effective business execution. There are opportunities of the experiences like Scams, frauds etc., all these are resultants of missing the adherence to Ethical practices. The Indian Value system has response to every adversity and cultural disturbances at the Organisations. The start-ups today need to adopt the distinguished Indian Ethos & adopt business ethics so as to sustain & achieve the business goals. Indian ethos is the hidden power behind the success of the Organisation. Ethics should not be limited to the mission statement, objectives and rules and regulations, but should be a pervasive influence in the company's culture and among its employees.

This research paper hereby aims to understand the significance of ethics in today’s modern business world, study the role of ethics contributing to business with respect to Indian context, understanding the challenges persisting in organizations while adopting ethical practices, describe ethical practices of various organizations pertaining to the areas of significance, roles & challenges on ethical perspective & to further assess & contribute a recommendary model adopting ethical practices. The study encapsulates the domain of role of ethics in organizations. The inferences are limited to the observation & understanding of the Researchers. Hence the results are indicative in nature rather exhaustive.