In India, Scams Cost More than 'Defence' Budget

The 20,000 crore stamp-paper scam involved Abdul Karim Telgi counterfeiting stamp paper in India.  Further, considered to be the biggest scam in Indian corporate history, the Satyam scam robbed investors with an amount equal to 14,000 crore rupees. Another major scam, the Bofors scandal in late 1980s had accused many politicians of receiving bribe from Bofors from Sweden for winning a bid to supply India’s field. The company paid $12 million in kickbacks to Indian politicians and key defense officials. Thus, the cumulative total of these scams approximately adds up to Rs 2, 80,000 crore.

On the other hand India's annual budget expenditure as per Union Budget report-2012-13 shows that India’s allocation for defence increased to Rs 2, 03,672 crore including Rs 86,741 crore for capital expenditure. This clearly indicates that the top 5 scams cost India more than its defence budget.

While these were just a few major scams taken into consideration, millions of rupees have been robbed of the nation due to many other scams. To eradicate corruption and to bring in transparency would be one of the greatest boons that the country now requires.

Also Read: 5 Whistleblowers Who Blew the Lid off Scams
Also Read: India's Seven Major Defence Scandals