New Delhi: ‘Corruption, Bribery and Corporate Frauds’ have emerged as the No. 1 risk affecting corporate India, primarily due to the unravelling of scams and frauds in both public and private sectors, according to the India Risk Survey 2014 (Survey copy attached). It ranked at No. 4 in the last 2013 survey.
The survey, the 4th in the series, was carried out by FICCI and Pinkerton to study the impact of risks across the industry spectrum and geographical regions of the country. The results of the survey are based on a collation from a set of 12 risks that have been identified after a series of brainstorming sessions. Indian Risk Survey 2014 thus aims to supplement the inputs that will help business leadership in taking sound decisions and in having a secured corporate existence.
‘Strikes, Closures and Unrest' has been rated as No. 2 risk and continue to command serious concern from corporate India. In the 2013 survey, it was ranked at No. 1 position.
‘Political and Governance Instability' is rated as the No. 3 risk. The ranking of this risk is an obvious pointer towards political uncertainty surrounding the forthcoming general elections in 2014. Crime and Information & Cyber Insecurity are rated as the No. 4 & No. 5 risks, respectively.
The survey was released here today by Mr. J.K. Sinha, Member, National Disaster Management Authority. Speaking on the occasion, Mr. Sinha underlined the need for a mechanism by which industry and government along with other stakeholders could anticipate and deal with disasters particularly in parts of the country which were vulnerable to such risks. “There is an urgent need to combine the capabilities of industry and government to limit the impact of disasters on businesses so that they can go about their operations unhindered,” he emphasized.
G.K. Pillai, Chair, FICCI Homeland Security Committee and Former Home Secretary, Government of India,“Political and governance instability will not lead to creation of employment which is the most important issue facing the nation and its youth. A policy environment that trusts businessmen and entrepreneurs is the need of the hour. India's ranking on ease of doing business has to improve by 50 places in the next twelve months if any impact has to be made.”
Vivek Lall, Co-Chair, FICCI Homeland Security Committee and President & CEO, New Ventures, Reliance Industries Limited, “An act of terror does not only affect one region of the country or one part of the economy, but it’s effect percolate across sectors and functions. Terrorism threatens the security and well-being of people and jeopardizes the functioning of the global economy. Sustainable progress against terrorism requires both political commitment and effective law enforcement. A combination of good governance, stringent laws, quick and firm system of justice that delivers harsh punishment will be a deterrent to the growth of terrorism.
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