ABSTRACT
India’s industrial sector faces the challenge of maintaining rapid economic growth along with conserving the country’s limited natural resources. When the consumer-centric marketing will move towards more ethical ‘shared ownership’, the Indian market will witness drastic changes and purchasing power of consumers will be derived not only by monetary values but also by ethical values. Environmental management is an important business tool to survive in the competitive global market and is part of a holistic sustainable development strategy. Business ethics has six main components—community, excellence, public identity, holism, nobility, and judgement. The corporate sector has emerged with leadership and a new agenda for comprehensively understanding environmental and business ethics. In businesses, the culture of greed, that is, ‘short-term profit-making approach’, needs to be replaced with the urge to make social and environmental contributions, that is, ‘responsible business’ with sustained long-term business planning.
