Coinciding with Prime Minister Manmohan Singh's call for an "ethical behaviour" from the corporates, FICCI on Tuesday expressed anguish over "brazen acts of corruption" stating the "rent seeking" can damage the brand India story.
The Rajan Bharti Mittal-headed chamber demanded that anybody indulging in corrupt practices should be punished through a fast track system.
"We are deeply concerned about the potential damage to brand India and the India story due to brazen acts of corruption by a select few," it said on the UN's International Anti-Corruption Day.
It said to preserve India's robust image and keep the growth story intact,"We urgently need rules and regulations that do not allow rent seeking".
Calling for transparency, accountability and "probity" in governance, the FICCI sought tough punitive action for the corrupt.
"We believe that anybody found indulging in corrupt practices either as payee or recipient, must be punished summarily in a fast tracked process," it said.
Inaugurating the 'India Corporate Week', the Prime Minister today said, "ethical and responsible behaviour needs to become the cornerstone of corporate behaviour..It is the large companies that have to set the pace".
Singh also expressed concern over falling standards in business ethics. "I am sure, business leaders are aware that business practices of some corporate houses have recently come under intense public scrutiny for their perceived ethical deficit".
FICCI is the second leading national chamber to have expressed concern over rising number of scams and charges of corruption.
Newly elected Assocham President Dilip Modi on Tuesday called for setting up an integrity and ethics commission on the lines of the Planning Commission and the Election Commission to check corruption in the country.
Calling corruption worse than cancer which destroys confidence of people, Modi had said, "Assocham proposes an integrity and ethics commission,".
Observing the International Anti-Corruption Day, AMCHAM(business chamber of India-US companies) underscored the role of private sector in preventing corruption.
It said the private industry should come together and adhere to a strict code of conduct and insist on ethical corporate behavior by its members.