Page 93 - NITI - Navigating Indian Traditions in Industry

businesses operate in an environmentally responsible manner. These laws reflect the
ancient teachings found in the Vedas and Upanishads, which stress the importance of
living in harmony with nature.

Ethical Business Practices and Fair Trade: The Vedic texts highlight the importance
of fairness and ethical conduct in all endeavors. This idea aligns with modern laws
that govern business conduct, ensuring that businesses operate ethically and fairly
with all stakeholders.
Example: 2

The Consumer Protection Act, 2019 in India reflects the ethical teachings of the
Vedas, which advocate fairness and the protection of the rights of individuals. The law
ensures that businesses conduct their activities transparently and without exploitation,
reflecting the Vedic principle of treating all beings with respect and fairness.

Corporate Responsibility for Social Welfare: The Vedas emphasize the duty of
individuals and organizations to contribute to societal welfare, a principle that aligns
with modern CSR laws. Companies are increasingly expected to engage in activities
that benefit society, such as philanthropy, education, healthcare, and infrastructure
development.
Example: 3

Under Section 135 of the Companies Act, 2013, companies in India with a specified
net worth, turnover, or profit must spend a percentage of their profits on CSR activities.
This law reflects the ancient teaching of contributing to the well-being of society,
ensuring businesses play an active role in improving the community.

Human Rights and Labor Laws: The Vedas and Upanishads highlight the importance
of fairness and the welfare of all individuals, which is reflected in contemporary labor
laws and regulations that protect workers’ rights.

Example: 5
The Code on Wages, 2019 and The Factories Act, 1948 are part of the modern legal
framework that ensures businesses treat their employees fairly, providing them with
decent working conditions and a just wage. These laws align with the ethical teachings
of the Vedas, which call for respecting the dignity and welfare of all individuals.
The ethical principles enshrined in the Vedas and Upanishads offer timeless guidance
on corporate responsibility, business ethics, and sustainability. These teachings,
particularly the focus on selfless duty, the balance between material and spiritual
pursuits, and the importance of contributing to societal welfare, continue to influence

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