Answer:

Introduction             

An ethical dilemma is a situation where a person or entity must choose between two or more conflicting ethical principles or values. Eg: Following the truth versus being loyal to a best friend. In today’s complex world, both public and private institutions frequently encounter such dilemmas, necessitating careful navigation to uphold ethical standards. 

Body 

Ethical dilemmas faced by public institutions in the contemporary world:

• Transparency vs. Confidentiality: Balancing the public’s right to know with the need to protect sensitive information in public interest and for national security presents ethical complexities. Example: The debate over the Right to Information Act in India and its limitations in matters of national security under the provisions of the Official Secrets Act (OSA) of 1923. 
• Regulatory Compliance vs. Innovation: Balancing enforcement of laws with fostering innovation presents another ethical dilemma. Example: The European Union’s General Data Protection Regulation (GDPR) poses challenges for tech companies in innovating while ensuring data protection.
• Accountability vs. Autonomy: Balancing oversight with the need for decision-making freedom highlights an ethical dilemma. Example: Central banks, like the Reserve Bank of India, must navigate between governmental oversight and independent policy-making to ensure economic stability.
• Personal Ethics vs. Organizational Policies: Conflicts between personal beliefs and organizational directives are still raising their heads. Example: Whistleblowers in government agencies, like Edward Snowden, often face this dilemma when disclosing information that conflicts with their ethical beliefs.

Ethical dilemmas faced by private institutions in the contemporary world:

• Customer Privacy vs. Data Utilization: Tech companies face an ethical dilemma of balancing user privacy with data use. Example: Facebook’s Cambridge Analytica scandal highlighted the conflict between user privacy and data monetization. 
• Employee Welfare vs. Organizational Goals: Balancing employee rights with business objectives like profit making present another ethical dilemma faced by private institutions. Example: IT companies in India grappling with layoffs and employee burnout during the COVID-19 pandemic while trying to maintain productivity.
• Ethical Sourcing vs. Cost Efficiency: Sourcing materials ethically vs. managing costs to maximize the profits highlights the ethical dilemma faced by private institutions. Example: The textile industry in India facing challenges in ethical sourcing due to the prevalence of child labour and poor working conditions in some parts of the supply chain.
• Corporate Governance vs. Shareholder Interests: Balancing ethical governance with shareholders demands for profit is another ethical dilemma faced by private institutions. Example: The Satyam Computer Services scandal, where fraudulent practices were undertaken to inflate stock prices, highlighting conflicts between ethical governance and shareholder interests.

 Ways in which they can be resolved by applying ethical principles and values 

 Public Institutions:

• Foster Utilitarianism in Public Institutions: Applying this principle can help balance Transparency vs. Confidentiality. Decisions about information disclosure, like in the Right to Information Act in India, can be guided by what benefits the most people, ensuring a balance between public knowledge and necessary secrecy.
• Deontological Ethics for Regulatory Compliance: This approach stresses duty and principle adherence, aiding institutions like those affected by the GDPR to maintain ethical practices while encouraging innovation within legal boundaries.
• Virtue Ethics in Accountability vs. Autonomy: Central banks, such as the Reserve Bank of India, can cultivate virtues like honesty and integrity to balance autonomy with accountability, ensuring decisions are ethically sound and economically prudent.
• Stakeholder Theory in Personal Ethics vs. Organizational Policies: Whistleblowers like Edward Snowden exemplify the need to consider the broader impact on all stakeholders, including the public, while resolving conflicts between personal ethics and organizational directives.

Private institutions: 

• Open Communication: Encouraging transparency and dialogue can help tech companies like Facebook balance Customer Privacy vs. Data Utilization, aligning business practices with ethical considerations and public expectations.
• Virtue Ethics for Employee Welfare: Companies in India, facing dilemmas like layoffs during recessionary situations and pandemics, can apply virtues like compassion and fairness to balance employee welfare with organizational goals.
• Utilitarianism in Ethical Sourcing: Companies working under industries like textile industry in India, challenged with ethical sourcing, can use this principle to make decisions that provide the greatest good, like improving working conditions and eliminating child labour.
• Incorporate Stakeholder Theory in Corporate Governance: In situations like the Satyam scandal, considering the interests of all stakeholders, not just shareholders, can help balance corporate governance with profit motives, leading to ethical and sustainable business practices.

Conclusion 

By integrating these ethical principles and values, institutions can navigate complex dilemmas, ensuring decisions are made in an ethical, fair, and socially responsible manner. This approach promises a more just, transparent, and socially responsible future for both public and private institutions, aligning actions with ethical imperatives.