India ranks 9th in corruption in business: EMEIA Fraud Survey
According to EY Europe, Middle East, India and Africa (EMEIA) Fraud Survey 2017, India ranks 9th among 41 surveyed countries in bribery and corrupt practices in businesses.
India’s ranking has improved marginally from the survey findings in 2015 when India was at the 6th position. It has improved due to better regulatory scrutiny and emphasis on transparency and governance.
- In this edition of the survey, India ranked behind Ukraine, Cyprus, Greece, Slovakia, Croatia, Kenya, South Africa and Hungary,.
- The survey noted that nearly 78% respondents in the India have mentioned that bribery and corrupt practices happen widely in businesses.
- The findings in the survey also revealed that nearly 41% of Indian respondents are prepared to act unethically to enhance their own career
- Over 13% respondents in India are prepared to provide false information to improve their career or pay. 58% stated that loyalty towards company prevents employees from reporting fraud, bribery or corruption.
- The uncertainties in business environment, augmenting pressure to meet financial targets and aspirations to achieve unprecedented career growth are driving employees to justify unethical workplace behaviour.
- Organisations should encourage millennials (people born in the 1980s-90s) to strengthen their moral compass, communicate importance of upholding ethical standards and develop programmes to motivate future leaders make right choices in life.
- Globally, 1 in 5 respondents said they would be prepared to act unethically for their careers. It calls for improved enforcement action to restore confidence in businesses.
Categories: Business & Economy Current Affairs 2017