PROFESSIONAL CODE OF CONDUCT

In a globalised economy, the value and worth of professional code of conduct or morality of everyone involved in the economic process has assumed high importance to ensure that global corporate values are practiced the world over. The codes of ethics and conducts of professionals have not so far been formulated specially in view of the global challenges in the post liberalization economic era. The paper examines the privilege of the profession and highlights the general characteristics and importance of professional morality so that the privilege of the profession to serve does not end up as a privilege to exploit, as has often been the case in the past. Professional societies, industry and commerce associations and the world bodies should have a major role in enforcing professional morality of its members. This can be done by well-defined codes of ethics and conducts. The Question whether the decision to globalize Indian economy in July 1991 was based on conviction or compulsion is no longer debatable. What is however debatable is whether India could have done far better as a country like China, which is larger than India both in terms of population as well as geographical area, has • done during the last 15 years of globalization? 1 The bold decision to globalize Indian economy and liberalize various processes of economic system was undoubtedly.based on the assumption that the global competition would force the Indian industry as well as the business and commerce sector to modernize the prevailing system so as to make it far more efficient and cost effective than it was during the last five decades of protected economy in th post-independent period. It was also expected that the inertia for change with which the Indian industry and the business sector was then deeply riddles will give way to a rapid transformation of inefficient Indian production and the Service sector into a dynamic and vibrant system tuned to a work culture based on professional ethics enabling Indian industry, business, commerce and in fact all its socio- economic activity to perform at higher level. But it makes a sad story when we find that after 15 years of sustained efforts of liberalization of the economic processes. What has gone wrong is matter of serious concern to all of us associated with education, industry, government and in various aspects of our economic policy. Whether it is the policy or the way we have gone to implement it? Whether it is the use or misuse of the opportunity opened by liberalization? Whether it is a lack of governmental support or the lack of public will or it is the lack of moral & ethical commitment on part of policy makers and those involved in implementation? We can surely examine India's slow march on the path of growth and development during the last 15 years of globalised economy from various angles. But one thing is certain that no matter how poor the policies were, it is the people who are involved at various levels of the economic activity, it is their competence, caliber, commitment, drive and dedication, and above all their professional morality that ultimately decides the end results and not merely the inputs of technology, alliances and even the internal and external support from the financial institutiotls. What then is professional code of conduct or morality?