New Delhi, Feb 24: Union Finance Minister Arun Jaitley on Saturday said the lack of ethical practices in specific segments of business remains a reason for concern. Tending to the ET Global Business Summit 2018, Jaitley asked that these segments of business that are falling behind must retrospect upon their practices.
"In a stage where India is moving from a developing to a developed economy, there is no room for unethical practices. Companies need to get into the habit of doing ethical business. The old concept that money that has been borrowed may or may not be returned has to end now," he added.
Featuring the proximity of shell organizations in the economy, Jaitley said the making of such organizations and round-stumbling cash has continued for quite a long time, adding that new controls should be executed for a stringent test on business practices.
" Tighter laws will be drafted to ensure criminal acts in business are punished wherever the culprit is," he said.
Discussing the decrease in exports, Arun Jaitley said various factors have impacted the same, principally a dunk in the worldwide economy and oil costs. He expressed that fares are currently resuscitating.
Moreover, Jaitley said the government is keeping up "an arm's separation" from the procedures distinguished under the Insolvency and Bankruptcy Code, 2016, subsequently guaranteeing straightforwardness and self-sufficiency as assigned to the board.
Notwithstanding, Jaitley contended that an research should be done on the negative effect on GDP and measure of employment loss because of legal decisions.