NEW DELHI, Aug 22:
The Central Vigilance Commission today sought active participation of corporates in checking graft in public procurement and stressed on building confidence of the private sector in promoting integrity and healthy competition.
“Businessmen must refrain from adopting corrupt practices while obtaining Government contracts,” Central Vigilance Commissioner Pradeep Kumar said while inaugurating a two-day workshop on integrity in public procurement being organised by Transparency International (TI) here.
Companies should adopt an anti-corruption strategy, he said.
“No reform in the Indian public procurement system can be complete without the active role of private sector which has an equal stake in it. There is a need to sensitise and build confidence of the private sector in promoting integrity and healthy competition in public procurement,” Kumar said.
“Besides enhancing their reputation for honest business, corporates can ensure a cleaner and more sustainable market environment for future growth, he said. Citing certain laws in the US which prescribes stringent provisions for companies which fail to prevent corruption, Kumar said similar measures are being considered in India.
“Bribery Act and Foreign Corrupt Practices Act of USA have stringent provisions to punish companies which fail to do due diligence in preventing corruption. Similar provisions are being legislated in the Prevention of Bribery of Foreign Public Officials Bill in India,” he said. (PTI)
Trending Now
E-Paper
Follow our WhatsApp channel