Top corporate chiefs decry rising corruption

Expressing concern over the impact of increasing corruption in the country on their businesses, top corporate chiefs yesterday said mega corporates could be built only by doing things the right way which brooked no short-cut solutions.

''I think corruption has become worse and if you choose not to participate in this, you leave behind a fair amount of business,'' Tata Sons chairman Ratan Tata said yessterday at an event in Mumbai on 'Higher Ambition / How Great Leaders Create Economic and Social Value', organised by Harvard Business School.

According to Tata, corruption was now not limited to the only the grant of licence approvals as in 1991, but has also spilled over into the award of contracts and in altering of the terms of contractual obligations.

''You have a non-level playing field and those who do not participate in this (paying bribes) live at a disadvantage. A large part of the business community is cautious,'' said Tata.

''You often have young employees who ask me, 'Why don't you just do it (give bribe)', but my reply to that is I would rather like to hold my head high,'' Tata remarked.

''What's happening at the Ramlila Ground signals a great shift of people wanting accountability and not just from politicians, but also from businesses,'' said Mahindra & Mahindra vice chairman and managing director, Anand Mahindra.