Corruption: Siphoning Off Growth

Michelle Kaffenberger /

Stories of corruption in India have filled the news in recent days. First there’s the corrupt Communications and Information Technology Minister, whose scam to pocket money from telecommunications firms may have topped $37 billion. Then there were accusations that politicians, officials, and contractors had pocketed more than 70% of $2.5 billion meant for flood relief in the state of Assam. There are the officials arrested for corruption in the planning for the Commonwealth Games and there reports that businesses over the last six decades have made billions through tax evasion and corruption.

The barrage of news stories is simply bringing to light an ongoing, rampant problem, which is holding India back from its economic potential. And these stories only scratch the surface. (more…)