Submitted by: Submitted by nikiee
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Pages: 3
Category: English Composition
Date Submitted: 04/08/2012 12:06 AM
It was said that corruption is deeply rooted in India. However, the scandalous year 2010 that established this perception into fact. All the major scams – be it Commonwealth games, 2G spectrum allocation scam or bribe for housing loan scandal – were unearthed during previous year.
Even equity markets crumbled by 15% and main reason for this was India’s lost credibility with regard to governance issues and corruption.
Earlier, bribes were paid for getting wrong things done, but now bribe is paid for getting right things done at right time. A 2005 study conducted by Transparency in India found that more than 55% of Indians had first-hand experience of paying bribes or influence peddling to get jobs done in public offices successfully.
In 2010 India was ranked 87th out of 178 countries in Transparency International's Corruption Perceptions Index.
India ranked 133rd on the Ease of Doing Business Index in 2010, compared with 85th for Pakistan, 89th for People's Republic of China, 125th for Nigeria, 129th for Brazil, and 122nd for Indonesia.
Corruption is eating up India’s gross domestic product (GDP) growth by at least 1.5% each year. This figure has been calculated in an internal report of the Planning Commission and points to similar concerns voiced by top business leaders of the country in the recent
“If we could have reduced corruption, we could have clocked GDP growth of anywhere between 8.5% and 10%,” Infosys chairman emeritus NR Narayana Murthy had said, supporting Anna Hazare’s campaign
Azim Premji, chairman of IT major Wipro, had said “If corruption levels in India were reduced to that in the Scandinavian countries(Denmark, Norway and Sweden), investment rate will increase annually by some 12 percentage points and GDP growth by almost 1.5% each year,” the plan panel’s report said.
It is estimated that more than trillion dollars are stashed away in foreign havens, while 80% of Indians earn less than 2$ per day and every second child is malnourished...