Corruption Causes Rs 36,400 Cr Loss to India

By SiliconIndia   |   Wednesday, 24 July 2013, 13:48 Hrs   |    4 Comments
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Bangalore: Corruption is still the main issue in India as it hinders the growth of the country. It prevails in the society in various forms and among different classes. There are no people left unaffected by this biggest developmental barrier. The country’s economy has also faced an unfavorable impact due to corruption based on a report entitled "Bribery and corruption: Ground reality in India" surveyed by Federation of Indian Chambers of Commerce and Industry (FICCI) and Ernst & Young (E&Y).

The country has witnessed great losses of Rs 36,400 crore mainly due to corruption cases that was reported in the media from October 2011 to September 2012, excluding large scams such as 2G Commonwealth Games and mining, as per the report by TOI.

The survey was conducted from March to May 2013 through an online questionnaire. It was responded by a mix of Indian enterprises with domestic operations, as well as Indian and foreign multinationals based in the U.S. and the UK with an annual income ranging from Rs 50 billion to Rs 100 billion. Most of them were from various departments like Internal Audit & Finance, Legal & Compliance, and Vigilance & Risk Management from banking and financial service institutions, technology, media and entertainment, and manufacturing sectors.

It was accepted by more than half of the respondents that it is often the impatience of the corporate enterprises to obtain licenses and approvals that led them to fall for bribery and corruption. Almost 83 percent of respondents were of the opinion that the recent rise in scams would negatively impact FDI inflows into the country.

Also Read: Governments Fail to Curb Corruption in Defence: Survey



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