1.
Amita Pandey
– Independent Researcher & Academic Consultant, Bilaspur, Chhattisgarh, India.
2.
Ravindra Pathak
– Professor, Prestige Institute of Management & Research, Bhopal, Madhya Pradesh, India.
Abstract
The contemporary business environment is increasingly confronted with challenges related to environmental degradation, unethical business practices, social inequalities and excessive consumerism. Sustainable commerce has emerged as an important paradigm to address these challenges by balancing economic growth, social welfare and environmental responsibility. The Indian Knowledge System (IKS) provides the sustainable commerce an all-encompassing framework of ethical and philosophical principles. This study discusses the relevance of Kautilyan Economics, Nishkama Karma and Upanishadic Trusteeship in developing an indigenous model of sustainable commerce. The philosophy of Kautilyan Economics is on moral governance, efficient use of resources and welfare. Nishkama Karma is one that calls for action without attachment to any outcome and for responsible action without any attachments. Upanishadic Trusteeship encourages responsible ownership and use of wealth to benefit society. The study will use conceptual and literature study approach to analyse how these principles can be applied to the current business sustainability. The study indicates that the three aspects can be integrated into an alternative framework of ethical governance, stakeholder welfare and long-term sustainable development. The study adds to the ongoing conversation on IKSs as well as offers a value-based strategy for sustainable commerce.
Keywords Indian Knowledge System, Sustainable Commerce, Kautilyan Economics, Nishkama Karma, Trusteeship, Business Ethics