Tradition Meets Modernity: Indian Knowledge Systems in Oil Companies' Financial Decision-Making
DOI:
https://doi.org/10.31150/ajebm.v7i2.2778Keywords:
Indian Knowledge Systems, financial decision-making, oil companies, Dharma, ArthaAbstract
In recent years, integrating Indian Knowledge Systems (IKS) into contemporary business practices has garnered attention across various industries, including the oil sector. This study explores how traditional Indian philosophies such as Dharma, Artha, and Nyaya influence financial decision-making processes within oil companies. By drawing on principles from ancient texts like the Arthashastra and Mahabharata, the research investigates how these time-honored values align with modern corporate governance, risk management, and sustainability efforts. Fusing tradition with modernity offers a holistic approach to financial strategies, focusing on profitability, ethical considerations, and long-term societal welfare. This paper examines case studies of Indian oil companies adopting these indigenous frameworks and evaluates their impact on financial performance and corporate sustainability. The findings suggest that embracing IKS provides oil companies a competitive edge by promoting responsible decision-making, transparency, and ethical governance, fostering trust among stakeholders in an increasingly complex global market.
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Copyright (c) 2024 Dr. Amit Kumar Tiwari, Praveen Kumar
This work is licensed under a Creative Commons Attribution 4.0 International License.
