Indian Businessmen observe business ethics on account of the consequences that would result due to their non-compliance. Here, some of the regulations are presented briefly:
1. Legislative Measures
Enforcing the legislative measures
is one of the ways of making businessmen to follow business ethics. The purpose
of enforcing the Acts is to protect the public interests including the business
and the businessmen. The Companies Act, Consumer Protection Act, M.R.T.P. Act,
Environmental Pollution Act, and the like are some of the legislative measures.
2. Goodwill of Business Unit
Generally, businessmen work hard to
earn goodwill by adopting the principles of business ethics. Thereafter, they
follow the same practice to maintain the earned goodwill.
3. Social Status of Businessman
Businessman thinks that he gets
recognition from the public in a place where he does business. It is always
ethical for a businessman to keep social status. Then, he enjoys social status
continuously by avoiding unjust or immoral business activities.
4. Trade Union
There are a number of trade unions
functioning in India. A trade union may be a registered or unregistered one.
Trade union has to suffer a break if business ethics are not properly followed.
Trade union acts as a watchdog to ensure observation of business ethics.
5. Business Association
Business association also guides the
business as how to observe business ethics, stating the reasons for doing so. A
business unit may be isolated from the business association if the particular
business unit fails to comply with ethics.
6. Consumer Movement
Now-a-days, the consumer movement
has developed so much to protect consumer interests. As a matter of fact,
business ethics deals with morality in the business environment. Nevertheless,
consumer movements take active part in the adoption of business ethics.
For example, if a purchased product
is not up to the standards as specified, the consumer movement claims damages
or takes steps to replace the product to the consumer and insists the business
unit to maintain the quality as specified by it.
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