Mumbai: A whopping 66 per cent of businesses in the country believe that some form of bribery is acceptable, in spite of increased regulatory actions and public outcry against corruption, according to a survey.
As many as 80 per cent believe that corruption is still widespread, with 52 per cent saying offering gifts to win businesses is "justifiable to help a business survive", while 27 per cent justify cash payments, the survey on fraud and corruption by Ernst & Young said.
Interestingly, 35 per cent of respondents also believe that "conformity to their organization's anti-bribery and anti-corruption policies would harm their competitiveness in the market".
"As many as 80 per cent of respondents state that corruption is widespread in the country, while 66 per cent state that some form of bribery such as giving cash gifts is acceptable," EY India said.
Further, 57 per cent said increased regulation in "is augmenting challenges for the growth or success of their business".
The survey interviewed 3,800 people from 38 countries across Europe, the Middle East, India and Africa.
The findings revealed that 60 per cent of Indian respondents, however, "agree that regulatory activity in their sector had a positive impact on ethical standards".
"The spurt of change being driven by regulators has undoubtedly made a positive impact on business environment," said the survey.