Friday, April 7, 2017

India ranks 9th in bribery and corrupt practices in businesses

India ranks ninth among 41 countries in bribery and corrupt practices in businesses, according to the findings of a recent survey.

Nearly 78 per cent respondents queried in the country said that bribery and corrupt practices happen widely in businesses here, as per the EY Europe, Middle East, India and Africa (EMEIA) Fraud Survey 2017.

India ranks behind Ukraine, Cyprus, Greece, Slovenia, Croatia, Kenya, South Africa and Hungary, in the perception survey.

The ranking has improved marginally from the survey findings in 2015 when India was at the sixth position, owing to better regulatory scrutiny and emphasis on transparency and governance.

"The perception of fraud and corruption in corporate India has seen a marginal but positive shift, led by amplified regulatory scrutiny and emphasis on transparency and governance," EY India's Partner and National Leader, Fraud Investigation & Dispute Services, Arpinder Singh said.

"However, unethical behaviour at the workplace among Gen Y (generally referred to people born in the 1980s-90s) has become a serious cause of concern," he said.

He further pointed out that while improved enforcement action has restored confidence in businesses, organisations should encourage millennials to "strengthen their moral compass, communicate the importance of upholding ethical standards and develop programmes to motivate future leaders make right choices in life."

The report said that uncertainties in the business environment, augmenting pressure to meet financial targets and aspirations to achieve unprecedented career growth are driving employees to justify unethical workplace behaviour.

Nearly 41 per cent of Indian respondents would be prepared to act unethically to enhance their own career, the findings revealed.

Further, over 13 per cent are prepared to provide false information to improve their career or pay, while 58 per cent stated that loyalty towards company prevents employees from reporting fraud, bribery or corruption.

Globally, 1 in 5 respondents said they would be prepared to act unethically for their careers.

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