New Delhi: Talking about the Punjab National Bank (PNB) scam, Union Finance minister Arun Jaitley said that the ease of doing business was government’s responsibility and the industry has to introspect on doing ethical business.
He also said political corruption at the Centre had “reduced significantly” after the ruling NDA government ended the administration’s discretionary powers in awarding contracts and allocation of resources. The sale of electoral bonds from next week, he added, would be a decisive step in cleaning up the system of political funding in the country.
Noting how India had moved into the top 100 countries in the World Bank’s Ease of Doing Business ranking, Jaitley said the measures that helped the country’s ranking had been the government’s responsibility.
“Ease of doing business was government’s responsibility.There is the need to transform from this to industry responsibility in the habit of ethical business,” the Finance Minister said at the ET Global Business Summit today
“Indian business has to learn to do ethical business. Those who deviate from this will face the consequences not only in terms of business and civil law, but the criminal law too will be transformed to allow extreme action against such delinquents,” he said.
“Rather than always have a close look at what government’s are doing, Indian industry needs to look inwards and to a fair bit of introspecting,” Jaitley said.