Ethics key to business success

The Satyam saga shook the foundations of the Indian corporate set up, Rai said.

Comptroller and Auditor General Vinod Rai on Saturday said the Indian economy was in fine fettle,but warned corporates that they were being closely watched and short-cuts to success would not hold them in good stead.

In his address to the students at the Birla Institute of Management Technology at their annual convocation ceremony,Rai said,Individuals who work at high positions in companies work in proverbial glass houses, adding that no business can be sustainable unless it has probity and integrity as its foundation.

If shortcuts are taken on the way to the top,there are checks and balances in place and the success will not last. The Satyam saga shook the foundations of the Indian corporate set up, Rai said.

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Rai further said that the issues relating corporate governance and accountability were becoming increasingly important with the growth of economy,which underlined the importance of ethical leadership.

When you reach my position,do not let posterity judge you by the token that when opportunity came you grabbed it,and when challenges arrived,you were found wanting, he said.

Rai added that while India was one of the few countries to come out of the global recession relatively unscathed,the need of the hour was to get development to the marginalised class.

It is important for businesses to try and promote inclusive growth. Businesses must meet targets while serving the social context that surrounds them, Rai said.

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