Page 35 - Banking Finance June 2021

ARTICLE

importance. Profitable and prosperous organisation and
environmental protection are not contradictory to each
other; rather they have to be complementary to each other.

Sometimes pressure of competition and goal of maximising
profits may lead to unethical practices in the organisation.
But this may prove detrimental to the reputation of the
organisation. In fact the quality of response of a corporate
to business pressures and public concerns builds its image
and reputation. If an organisation develops an ethical
culture wherein any action of every employee is expected
to be ethically correct it will strengthen the brand and
image of the organisation as a socially relevant organisation.
This will make their employees motivated, increase the
public trust in the organisation and make the business
sustainable for long. Corporate social responsibility
operates, prospers. There exists a relationship of mutual emanates from the philosophy that corporate should return
benefits between a business organisation and society. If back to the society in which they function and maximisation
society prospers, if consumer prospers only then a bank or of profit cannot be the ultimate aim of an organisation.
business organisation can prosper.
Today organisations are working virtually in a global market
Preserving environment has also emerged as an important and therefore the conduct and behaviour of organisations
area in corporate governance. It has become a pressing should be conforming to the best trade practices which are
requirement of the hour that any action of a corporation built around equity, humanity, transparency and
should not endanger the quality of environment and hence sustainability. Even minor stakeholders concern needs to be
environment concerns have to be integrated into corporate taken care of. Ethics should not be considered as a
governance.Employees of the organisation are to be constraint on business and its governance rather it should
sensitised that they should not act in a manner which is be considered as a critical factor in corporate decisions.
against natural environment & resources. Conservation of Honesty and loyalty to all stake holders should be key to
environment is important for sustainable development. The corporate governance and this will ensure the survival and
needs of future generations has to be always given due sustainability of any business. T

World Bank projects India's economy to grow at 8.3 per cent

Synopsis The Washington-based global lender, in its latest issue of Global Economic Prospects released, noted that in
India, an enormous second COVID-19 wave is undermining the sharper-than-expected rebound in activity seen during
the second half of Fiscal Year 2020/21, especially in services. The World Bank projected India's economy to grow at 8.3
per cent in 2021 and 7.5 per cent in 2022, even as its recovery is being hampered by an unprecedented second wave
of the COVID-19, the largest outbreak in the world since the beginning of the deadly pandemic.
The Washington-based global lender, in its latest issue of Global Economic Prospects released, noted that in India, an
enormous second COVID-19 wave is undermining the sharper-than-expected rebound in activity seen during the second
half of Fiscal Year 2020/21, especially in services.
"India's recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic," the
World Bank said. In 2020, India's economy is estimated to have contracted by 7.3 per cent while in 2019, it registered
a growth rate of four per cent, the World Bank said, adding that in 2023, India is expected to grow at 6.5 per cent.
In its report, the Bank said that the global economy is set to expand by 5.6 per cent in 2021 - its strongest post-
recession pace in 80 years

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