NEW DELHI: endemic corruption in India has grown in scale and represents billions of dollars, to discourage potential investors and derail growth prospects, the consultancy firm KPMG said in a survey published on Monday.
The survey of 100 national leaders and foreign companies was published in the government of Prime Minister Manmohan Singh, the struggle to defend against corruption scandal ranging from 39 billion U.S. dollars of telecommunications to the homes of war widows diverted to bureaucrats.
The fraud, exposed in recent months, point to a pervasive culture of corruption in the administration of Singh, which led to a man once seen as the most honest politician in India to defend its leadership and its fight to keep intact the governing coalition.
And the graft guessing the third largest economy in Asia is no longer limited to bribe government officials in the passport or telephone connections provider of state, the report said.
"Today India is facing a different kind of challenge," said the report. "It is not small bribes (" Bakshish ') again, but scams worth billions of rupees (billions of rupees) to highlight the link between the political industry that, if unchecked, could have a powerful impact. "
Most of the companies surveyed said they were committed to their positions in one of the fastest growing economies in the world with a kind of rapid growth, and richest, medium, according to the survey.
More than two thirds of respondents said that corruption prevents India from moving beyond the 9 percent growth expected in the next fiscal year beginning 1 April. Just over half said graft would make the country less attractive to foreign investors.
"Corruption represents a threat to India projects a 9 percent GDP growth and could result in an environment of political and economic volatility," said the report.
The troubled real estate sectors and the construction - an approach to India as it plans to spend $ 1500000000000 more than a decade to reform the creaking infrastructure - telecommunications followed where the state was still very involved and the high stakes.
The scandals have created a sense of legal uncertainty, especially in the telecommunications sector, which has been the subject of much scrutiny after the erroneous allocation process is said to cost the government up to $ 39 billion in lost revenue.
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