India Inc justifies corruption in current market conditions

NRINVblokJustifying corruption for business survival, 66 percent of Indian respondents to EY’s worldwide Fraud Survey 2015 said some form of bribery such as giving personal gifts, cash or entertainment was acceptable as strict adherence to anti-corruption measures will harm competitiveness in current market conditions.

Globally, 20 percent of respondents felt the same way.

Some 60 percent of Indian respondents said ethical standards had improved in their company in the last two years, and 84 percent said their company had anti-bribery and anti-corruption policies and a code of conduct in place.

Arpinder Singh, partner and national leader, fraud investigation and dispute services EY said top management must now lead by example to spread the message of zero-tolerance to corruption.

The survey is based on 3,800 interviews with executives from large companies including 100 from India.