Indian business leaders have an “ethical deficit” that could impair their ability to expand globally, Manmohan Singh, the prime minister, said in an unprecedented broadside against local corporate chiefs.
“Our business leaders are aware that business practices of some corporate houses have recently come under intense public scrutiny for their perceived ethical deficit,” Mr Singh said at the launch of a celebration of corporate India’s rise.
“Our corporate culture must be attuned to the universally accepted values of good governance . . . we must trust corporate India, as indeed [corporate India] must trust us.”
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