Where Fraud is Fashionable!

One of the key reasons for industrial stagnation in AP is the general perception of investors and bankers that many promoters and owners of companies in the state are dishonest. This image is truly unfortunate because we do have some outstanding entrepreneurs who adhere to ethical norms and adopt internationally accepted business and accounting standards. But the truth is far more have cheated the investing public, financial agencies, and the government.

Corruption and Economic Reform

The Prime Minister stated recently that corruption has declined on account of the economic reform process. Is it possible to substantiate this argument? Let us examine.

Corruption, Competition and Economic Growth

One year ago, in December 2003, the UN Convention against Corruption was adopted as the first global anti-corruption instrument.   As the Global Corruption Report 2004 of Transparency International (TI) points out, "It sets new standards in domestic and international law, in part by committing its signatories to enhanced cooperation and mutual legal assistance, particularly on the return of assets.  But its success requires political will and a commitment to monitor implementation".

Plundering the Public Exchequer

Throughout history, plundering the public exchequer for private gain has been the favourite pastime of unscrupulous crooks. No society, or no age is an exception to this. Sometimes such fraud is by misrepresentation and deceit, but often in collusion with officials entrusted with the responsibility of protecting public good.

Life Imitating Art and Deja Vu

For observers of Indian political and public scene, life does seem to imitate art.  Just when you think things will settle down, and the nation will focus on the key goals, there is a new scandal or scam or sensation or drama. Like in a soap opera, week after week we are subjected to titillation, suspense and excitement, sans good sense or clear direction. This week’s theme is oil dealerships, and the nepotism and corruption associated with selections. Once again, legislators are up in arms, parliament is paralysed, grave statements have been issued, and speeches have been made.

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