Need Of National Framework For Business And Human Rights In India

Indra Nath Dey, Research Scholar, WBNUJS

Introduction

The term business was defined in late 18th and 19th century by production, materials and labour. These three factors used to determine the overall growth of an enterprise, which collectively forms the standard of industry. The industry standards include growth, market share and its relative importance to the economy. Post industrial revolution paved the trajectory for new definition of business i.e. profitability. Industrialists, academicians and behavioural scientists rigorously researched on the paradigm shift from productivity to profitability. Profitability in itself encompassed a wide range of dimensions that productivity never thought of. An organization’s importance in the industry which was earlier a domestic affair has now adopted an international character. The international character gained impetus because of the growing importance of regional economic bodies. Profitability, which was earlier a function of tangible variables such as productivity, economic growth, market share and purchasers, over the years, has included intangible variables such as employees, employee’s welfare , code of conduct and grievance mechanism.