New Delhi, Mar 15 (KNN) The Ministry of Corporate Affairs (MCA) has released national guidelines on Responsible Business Conduct (NGRBC), urging businesses to actualize the principles in letter and spirit.

According to the guidelines, businesses should conduct and govern themselves with integrity in a manner that is ethical, transparent and accountable; businesses should provide goods and services in a manner that is sustainable and safe and respect and promote the well-being of all employees, including those in their value chains.

Besides, it guides to respect the interests of and be responsive to all their stakeholders.

In addition, some of the principles for NGRBC state that businesses should respect and promote human rights and respect and make efforts to protect and restore the environment.

Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent, another guiding principle of NGRBC said.

Businesses should promote inclusive growth and equitable development and should engage with and provide value to their consumers in a responsible manner, it added.

The Ministry of Corporate Affairs has been taking various initiatives for ensuring responsible business conduct by companies. As a first step towards mainstreaming the concept of business responsibility, the 'Voluntary Guidelines on Corporate Social Responsibility’ were issued in 2009.

These guidelines were subsequently revised as 'National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business, 2011 (NVGS)’ after extensive consultations with business, academia, civil society organizations and the government.

The NVGs were developed based on India’s socio-cultural context and priorities as well as global best practices.

In a statement, MCA said that it is also in the process of developing India’s National Action Plan on Business & Human Rights (NAP) in consultation with various Ministries and State Governments by 2020.

A Zero Draft of India’s NAP demonstrating implementation of the three pillars of UNGPs has also been released and uploaded on the website of the Ministry, the release added.