| Business
has today, emerged as one of the most powerful institutions
on the earth. Some of the biggest companies in the world
are infact, bigger in size than some of the developing
countries of the world. Globalization makes the world
smaller, and business, worldwide, is expanding like never
before. Companies are expanding their operations and crossing
geographical boundaries.
Indian companies too have made their way into the business
boom and are today globally acknowledged as major players.
India is currently amongst the fastest growing countries
in the world. The globalization and liberalization of
the Indian economy has helped in stepping up growth
rates. Integration of the Indian with the global economy
has also resulted in Indian businesses opening up to
international competition and thereby increasing their
operations.
In the current scheme of things, business enterprises
are no longer expected to play their traditional role
of mere profit making enterprises. The ever-increasing
role of civil society has started to put pressure on
companies to act in an economically, socially and envrionmentally
sustainable way. The companies are facing increased
pressure for transparency and accountability, being
placed on them by their employees, customers, shareholders,
media and civil society. Business does not operate in
isolation and there is today, an increased realization
that not only can companies affect society at large,
but they are also in a unique position to influence
society and make positive impact.
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