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Old 21-04-11   #1
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Corruption Has Cost India 20,79,000 Crores!!!


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New Delhi, April 20 (IANS) Tax evasion, crime and corruption have combined to remove a staggering $462 billion from India, says a new book based partly on scholarly studies.
'From 1948 through 2008, India lost a total of $213 billion in illicit financial flows (illegal capital flight),' says the book, 'The Darker Side of Black Money' (Konark Publishers), by B.V. Kumar.
A former highly regarded member of the Indian Revenue Service, Kumar in his book deals with organized crime, drug trafficking, economic crime, terrorism and money laundering, among other things.
'These illicit financial flows were generally the product of tax evasion, corruption, bribery and kickbacks, and criminal activities,' the author said.
'The present value of India's total illicit financial flows is at least $462 billion.'
India's aggregate illicit flows were even more than twice the current external debt of $230 billion, said the book, which will be released next week Monday. From 2004 to 2008, India lost assets at a rate of $19 billion a year.
'The total capital flight out of India represents approximately 16.6 percent of India's GDP as of year-end 2008.
'In present value terms, India lost an equivalent of about 36 percent of its 2008 GDP which represents a staggering loss of capital.
'Some 68 percent of India's aggregate illicit capital loss occurred after India's economic reforms in 1991, indicating that deregulation and trade liberalization actually contributed to/accelerated the transfer of illicit money abroad.'
Kumar says that as economic reforms gathered momentum, some vested interests used it to amass wealth in the shortest possible time by resorting to 'sharp practices'.
'Controls and socialism were replaced by crony capitalism. In other words, the battle was between hard and diligent work resulting in sustained growth as against quick results obtained through corruption, manipulation and fraud.
'In fact, quite a few companies with an impeccable track record were compelled to cut corners and indulge in fraud to keep themselves in the black, in the flight of stuff competition faced from a legion of influential middlemen who would not hesitate to bend the rules with the sway of corruption.'
The author says that corruption can have an adverse impact on the country's economic development 'that can lead to dissatisfaction and disconnect amongst its population'.
The author has sought legislation to punish corruption in the private sector.
'This is particularly necessary because of the corrupt practices indulged by the multi-national companies.
'A corrupt government and a clean private sector cannot coexist. Vice versa a clean government and a corrupt private sector cannot co-exist.
'In government, we expect accountability, which is not just a regime of punishments but a system of governance. Similarly, the private sector should have a code of corporate governance and a corporation philosophy for social commitment.
'When a public servant accepts an illegal gratification, he is charged for corruption and conduct unbecoming of a government servant.
'When a businessman or a corporation indulges in corruption, it is termed as business acumen resulting in profit... Time has now come to evolve a proper definition of 'corruption' so that these distinctions are removed.'
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Old 21-04-11   #2
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Re: Corruption Has Cost India 20,79,000 Crores!!!

Hope the things will change soon.
Fed up with such a kind of news
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Old 21-04-11   #3
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Re: Corruption Has Cost India 20,79,000 Crores!!!

I really amazed by the amount of corruption taking place in our country despite having one of most educated person as PM. If he can't handle these corrupt ba********** i don't who can. One thing i would really like to know is whether these corrupt guys would eat the paper money as food
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Old 21-04-11   #4
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Re: Corruption Has Cost India 20,79,000 Crores!!!

think about it
20lac crore and only 100 odd crore people.so that means about 20k crore in the development of every individual.
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Old 21-04-11   #5
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Re: Corruption Has Cost India 20,79,000 Crores!!!

Source.
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Old 21-04-11   #6
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Re: Corruption Has Cost India 20,79,000 Crores!!!

The sad thing of this jealous and corrupt group of individuals is that common citizen is involved directly/indirectly in everything they do. And until or unless people themselves take the initiative to curb corruption in their locality i don't see how an anti-corruption bill would do justice
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Old 21-04-11   #7
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Re: Corruption Has Cost India 20,79,000 Crores!!!

^^ Nice reply, but it is al heresy !!! I don't believe one bit of it.
20K per person of India !!! rather absurd...
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Old 21-04-11   #8
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Re: Corruption Has Cost India 20,79,000 Crores!!!

India's illicit financial flow is $462 billion: Book - The Economic Times

Btw that black avatar is disturbing!
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Old 21-04-11   #9
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Re: Corruption Has Cost India 20,79,000 Crores!!!

Source? Just google "462 billion". This thing is plastered on a lot of websites.
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Old 21-04-11   #10
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Re: Corruption Has Cost India 20,79,000 Crores!!!

The reason for all this corruption is... The Indian Govt. and the laws we have in our country is all a big joke. No one has the balls to stand up and actually do something. And even if someone does, hes either forced to step back or maybe even killed. And besides, a couple of people taking the initiative is not really gonna help, is it?

Take the case of all the black money stashed in the Swiss Banks. It was all over the news 24x7 a few months ago with more than enough evidence to catch hold of the people responsible for it. But what did the govt. do?? Nothing, absolutely nothing. What a shame!
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Old 21-04-11   #11
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Re: Corruption Has Cost India 20,79,000 Crores!!!

^^ Just coz it is plastered on many websites and there is a book written which has been mentioned by the economic times, doesn't make it right in my opinion...
as I said, it is all heresy !!! rumor mongers are at play here.
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Old 21-04-11   #12
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Re: Corruption Has Cost India 20,79,000 Crores!!!

^ I agree that the figure mentioned on the thread title may not be exactly right, but it is known to everyone the amount of money thats been taken out of the country and about the multiple billion dollar scams that popped up recently.
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Old 21-04-11   #13
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Re: Corruption Has Cost India 20,79,000 Crores!!!

Corruption is not ending anytime in the next 10 years. The Jan Lokpal Bill and all may create a wave of awareness for sometime but the main thing to look out for would be how long this wave lasts..
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Old 21-04-11   #14
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Re: Corruption Has Cost India 20,79,000 Crores!!!

I am certain it is more than that!
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