Contrary to popular perception, the economic reforms and liberalisation of 1991 did not reduce corruption. The growth and expansion of the economy actually ‘created’ new and ‘hot’ avenues for high volume corruption, particularly in ‘outsized’ profits associated sectors such as natural resources, infrastructure financing etc. Administrative and judicial reforms didn’t keep pace with the 1991 reforms.
A Crux study across 17,000 citizens, 400 small business owners and 35 policy makers highlights the depreciating impact that corruption can have on the economic ecosystem, and society as a whole. Corruption causes significant distortions and inefficiencies and diminishes growth. It is detrimental to a free, fair, competitive, and efficient market. It creates an uneven playing field for businesses. It affects both private and foreign investment.
The social fallout is staggering. The Crux study highlights that intangible and long-term cost is acute and entrenched. Corruption erodes the credibility of the government, the very legitimacy of state institutions. It degrades the social and moral fabric of society. It undermines social trust and gnaws away at the democratic process. Petty corruption raises the cost of engaging in productive activities, and disproportionately affects, even exploits the poor and the marginalised. It promotes lopsided development, perpetuates inequality.
Denne historien er fra 06 May 2023-utgaven av Business World India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra 06 May 2023-utgaven av Business World India.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.
And the Nobel Prize Goes to AI
The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
Ola Electrified
Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.
Sharp Slide in Industrial Output on Eve of Deepavali
India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.
Heralding the Solar Era with Sustainable Electrification
RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more
A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh
Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.