Abstract

In recent times there have been scores of corporate failures all over the world due to moral turpitude, lack of good governance, and erosion of values. The need for a change in corporates’ approach towards stakeholder management is greater now than ever before. Though the term ‘stakeholder’ was first used in the West in the 1930s, this concept has been highlighted in the ancient Indian scriptures written centuries ago. These highlight the methodologies the kings used to ensure the welfare of all their stakeholders. The kings of yore, who considered themselves as trustees of their kingdom, can be compared to the top management in corporates of this era. Thus, the concepts highlighted in these ancient scriptures find as much relevance and applicability even in today's times. This article takes a brief look at few of the studies undertaken in this area and also highlights excerpts from the ancient Indian scriptures to prove that the concept of stakeholder management owes its origin to India.