CORRUPTED INDIAN ECONOMY-PRIME REASON FOR INDIA’S CURRENT ECONOMIC SLOWDOWN?
Indian Economy, world 6th largest economy, facing an economic slowdown which is widespread in the market, let’s analyze one of the prime reasons “corruption”.
For-
India was placed 94th on the list of corrupt countries list of 176 countries. Corruption in all walks of life in India is making it weak and has adverse impact on its growth. As per an estimate 80% of the public servants in India are corrupt because of which the wheel of growth is being pulled down. India’s founding fathers would not have thought for the same. Today, Indian economic market is failing to meet the standards and norms put forward needed for a positive growth pattern which is leading the market towards slowdown, and if this continues it may lead to falling apart.
The people have to pay bribe to get a job done in a public office. Taxes and bribes are common between state borders. As per an estimate more than Rs. 24,000 crore is paid in bribes. Government regulators and police share in bribe money, Transporters have to pay bribes to cross the state borders within the country and this phenomenon can be witnessed at any state border including the capital. These stoppages including those at checkpoints and entry-points take up to 10-12 hours in a day. This is despite the fact that many of the sates have done away with many taxes or the same have been made centralized.
About 60 percent of these (forced) stoppages on road by concerned authorities such as government regulators, police, forest, sales and excise, freight, weighing and measuring department are for extorting money.
According to a report corrupt officials in India may be making the country poorer by more than Rs.90, 000 crore every year, (More than 1% of the GDP, through corruption) These politicians, corrupt officials and business associates have black money in Swiss banks to the tune of Rs. 10,000 crore or more depriving the Indian Economy of its path on sustained growth.
Against-
India has wide spread illiteracy. To weed out the corruption and to put the wheel of growth on right track, Education is the basic requirement. Suitable law requires to be passed to make it a fundamental right as well as fundamental duty of the state to impart education to each and every person in the state.
The history of corruption in India is not new. Even during the regime of East India Company in 17th Century it was a serious issue. The economy has been running infected since then. To make India corruption free it is important to explore the root causes of corruption in India which includes excessive regulations, complicated taxes and licensing systems, numerous government departments infested with bureaucracy and discretionary powers, monopoly by government controlled institutions.
India has co-existence of private and public sector. While private sector is surging ahead and has been providing low cost products and services e.g. transport, travel, courier, communication, consumer goods etc., the public sector, controlled by the government has been moving slowly.
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