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Ethics crucial in long run, say pros

A two-day international conference on The Next Leap: Exploring New Paradigms in Business, organised by Centre for Business Administration of Central University of Jharkhand, took off to a flying start on Thursday.

Over half a dozen experts from all over the globe attended the maiden day of the conference and expressed views on new trends in the world of business. The issues stressed upon ranged from business ethics to rise of China as a global power to the paradigmatic changes in the field of business studies.

Pradeep Taneja, professor of Political Economy at University of Melbourne, spoke on the rise of China as an economy and the relationship between politics and business in the country. He attributed China’s transformation to deft policy implementation. “In India, execution of policies is a matter of concern,” he added.

Prof Sanjay S. Gaur from Auckland University of New Zealand, said no country was immune to global financial crisis and went on to say how social factors played crucial role in economic growth.

Subir Chattopadhyay, project director of Mecon Limited said implementation of ethical practices might adversely affect finances of a firm initially, but in the long run it helped build the reputation and brand image of the company.

Hasit B. Joshipura, vice president, south asia and managing director of GlaxoSmithKline pharmaceuticals, said with the advent of new concepts and management principles, ethical practices must go hand in hand with profit-making. “There can be no shortcut to fostering ethics,” he said.