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Ethical practices & good governance can boost GDP by 1.5-2% much like GST: Piyush Goyal

By Religare
|

Good ethical practices and corporate governance norms followed by the companies can boost the gross domestic product (GDP) by 1.5-2 per cent much like the potential spinoff benefits of the goods and services tax (GST), said Piyush Goyal, union power minister, at an ASSOCHAM on Friday.

"If we are going to run our organisations with defined processes and a degree of serious and ethical guidelines which will always have an element of integrity at the core, to my mind getting a 1.5-2 per cent bump in the GDP, good additional growth in the GDP is certainly not impossible, very much achievable and possibly one could do even better than that," said Goyal while inaugurating 'Corporate Governance Summit-cum-Excellence Awards,' organised by ASSOCHAM.

 

"To my mind, ethical practices and good governance can possibly add as much to the Indian economy as GST could," said Goyal.

"The impact of good governance, corporate governance can be felt when one looks at the top sensex stocks and you find that good, reputed companies are given a premium for good practices," he added.

Story first published: Monday, August 17, 2015, 12:30 [IST]
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