India is the ninth most corrupt country in the world for doing business. This has emerged in a survey done by Ernst & Young.
Nearly 78 per cent respondents in the survey pointed out that bribery and corrupt practices are rampant in the country.
The EY Europe, Middle East, India and Africa (EMEIA) Fraud Survey 2017, ranked India behind Ukraine, Cyprus, Greece, Slovenia, Croatia, Kenya, South Africa and Hungary.
The only good thing in the survey that came out for India is that the ranking has improved marginally from the survey findings in 2015 when India was at the sixth position. This has become possible due to better regulatory measures and emphasis on transparency and governance.
“The perception of fraud and corruption in corporate India has seen a marginal but positive shift, led by amplified regulatory scrutiny and emphasis on transparency and governance,” said EY India’s Partner and National Leader, Fraud Investigation and Dispute Services, Arpinder Singh in conversation with The Economic Times.
“However, unethical behaviour at the workplace among Gen Y (generally referred to people born in the 1980s-90s) has become a serious cause of concern,” he added.
Nearly 41 per cent of Indian respondents would be prepared to act unethically to enhance their own career, the findings revealed.
Over 13 per cent are ready to provide false information to improve their career or pay, while 58 per cent stated that loyalty towards company prevents employees from reporting fraud, bribery or corruption.