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Press Trust Of India / ibnlive.in.com / Posted on Aug 24, 2011 at 02:00pm IST.
Mumbai: Top industrialists have expressed concern over the impact that worsening corruption has on their businesses and said there is no short-cut to becoming a billion-dollar company other than doing things the right way.
"I think corruption has become worse and if you choose not to participate in this, you leave behind a fair amount of business," Tata Sons Chairman Ratan Tata said at an event on 'Higher Ambition/How Great Leaders Create Economic and Social Value', organised by Harvard Business School here yesterday.
Tata said that unlike in 1991, corruption is now not only seen in the grant of licence approvals, but also in the award of contracts and in changing the terms of contractual obligations.
"You have a non-level playing field and those who do not participate in this (paying bribes) live at a disadvantage. A large part of the business community is cautious," Tata said.
"You often have young employees who ask me, 'Why don't you just do it (give bribe)', but my reply to that is I would rather like to hold my head high," Tata remarked.