New Delhi [India], Feb 24 (ANI): Finance Minister Arun Jaitley on Saturday said the lack of ethical practices in certain sections of business remains a cause of concern.
Addressing the ET Global Business Summit 2018, Jaitley urged that these sections of business that are lagging behind must retrospect upon their practices.
"In a stage where India is moving from a developing to 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.
Highlighting the presence of shell companies in the economy, Jaitley said the creating of such companies and round tripping money has gone on for decades, adding that new regulations need to be implemented for stringent check on business practices.
" Tighter laws will be drafted to ensure criminal acts in business are punished wherever the culprit is," he said.
Talking about the decline in exports, the finance minister said multiple factors have influenced the same, primarily a dip in the global economy and oil prices. However, he stated that exports are now reviving.
Furthermore, Jaitley said the government is maintaining "an arm's distance" from the processes identified under the Insolvency and Bankruptcy Code, 2016, thus ensuring transparency and autonomy as designated to the board.
However, Jaitley argued that a study need to be done on the negative impact on GDP and amount of job loss due to judicial decisions. (ANI)