Tradition Meets Modernity: Indian Knowledge Systems in Oil Companies' Financial Decision-Making

Dr. Amit Kumar,, Tiwari and Praveen, Kumar (2024) Tradition Meets Modernity: Indian Knowledge Systems in Oil Companies' Financial Decision-Making. American Journal of Economics and Business Management, 7 (2). pp. 205-210. ISSN 2576-5973

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Abstract

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.

Item Type:	Article
Subjects:	H Social Sciences > HG Finance
Divisions:	Postgraduate > Master's of Islamic Education
Depositing User:	Journal Editor
Date Deposited:	13 Dec 2024 11:10
Last Modified:	13 Dec 2024 11:10
URI:	http://eprints.umsida.ac.id/id/eprint/14846

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