Page 10 - NITI - Navigating Indian Traditions in Industry

3. Strategic Wisdom: Lessons from Puranas, Nyaya, and
Mimamsa
Having set the stage with ethical values and holistic management,
this chapter introduces Indian traditions of strategic thought. The
Puranas and the philosophical schools of Nyaya (logic) and Mimamsa
(interpretation) are explored to offer insights into decision-making,
strategic foresight, and problem-solving. These schools of thought
emphasize rigorous analysis, logical reasoning, and strategic
planning, all of which are critical skills for today’s business leaders
(Porter, 1985). By connecting ancient wisdom with contemporary
strategic needs, this chapter provides business students with a unique
lens through which to analyze competitive advantage, market trends,
and decision-making processes.

4. The Art of Governance: Dharmasastra in Modern Leadership
The focus shifts toward governance in this chapter, examining
the principles of ethical leadership and governance found in the
Dharmasastra. This chapter is positioned after strategic wisdom
to demonstrate how these ethical principles extend to corporate
governance. Governance is a key area where businesses today
face challenges regarding transparency, accountability, and social
responsibility (Aguilera et al., 2008). By drawing upon Dharmasastra,
which outlines the qualities of just rule, the chapter provides
valuable insights into how businesses can uphold high standards of
governance, promoting trust, ethical leadership, and sustainability.

5. Legal Foundations: Nyaya and Its Role in Contemporary
Business Law
Following the governance framework, this chapter on Nyaya
connects the ancient principles of logic, justice, and fairness with
contemporary business law. Legal systems today rely heavily on
fairness, due process, and the protection of rights—values also
embedded in Nyaya. In this context, the chapter bridges the gap
between traditional justice and modern corporate law, offering
guidance on conflict resolution, legal compliance, and maintaining
ethical standards in business operations. This builds on modern
corporate governance and ethics discussions, such as those proposed
by Jones et al. (2009), who emphasize the importance of corporate
law in ensuring fairness and accountability.