Answer:

Introduction:

This statement emphasizes the importance of ethical and moral values in the functioning of any society. In contemporary times, we see numerous examples of how a lack of shared moral values can lead to dysfunction in different areas of society.

Body:

• Rule of Law: The law requires a foundation of shared moral values to be effective. Without a collective understanding of right and wrong, legal principles and regulations may be undermined.
  Illustration: The Central Vigilance Commission (CVC) in India ensures integrity and fights corruption in public administration.
• Democratic Governance: Democratic systems depend on the participation and engagement of citizens who adhere to moral values such as fairness, equality, and respect for others.
  Illustration: Affirmative action policies in India promote social justice and equal opportunities, reflecting the moral value of equality.
• Market Economy: An efficient market economy requires trust and ethical behavior among participants. Honesty, transparency, and fairness are essential for the smooth functioning of economic transactions.
  Illustration: The Food Safety and Standards Authority of India (FSSAI) ensures transparency and consumer protection in the food industry.
• Social Cohesion: Shared moral values and obligations foster social cohesion and a sense of collective responsibility. When individuals prioritize common values, societal well-being can be enhanced.
  Illustration: During natural disasters, Indian communities and NGOs come together to provide relief, showcasing the moral value of compassion and empathy.

Conclusion:

It is therefore crucial for individuals and institutions to promote and uphold ethical and moral values in their actions and decisions, in order to create a more just, equitable, and sustainable society. This requires a collective effort, including education, awareness-raising, and accountability mechanisms that ensure that individuals and institutions are held to high ethical standards.