When you consider that the ills plaguing the economy over the last two years are well known, it is perhaps rather late in the day for one of India’s premier industry bodies, Ficci, to release an India Risk Survey 2014 report that flags “corruption, bribery and corporate frauds” as the number one risk affecting corporate India. This, and other five risks mentioned in the survey, like rampant crime affecting tourism and investment, India’s low ranking in the ease of doing business, political instability, etc., have been repeated over and over again, even by global institutions like the World Bank and Transparency International. Even foreign companies doing or wanting to do business in India have repeatedly highlighted these concerns.
But India’s economy continued to be bled dry by corruption and projects were delayed as palms were not greased. Young entrepreneurs and small and medium industries were the major victims as they do not have deep pockets. Yet Ficci and all the other business and industry chambers were happily embedded with the government in the comfortable embrace of crony capitalism. Yes, they did make some perfunctionary noises, but they never displayed the impatience, seriousness and determination to reform the system, which is their responsibility. On the contrary, they were delighted that functionaries from the Prime Minister downwards were at their beck and call at glittering awards functions. It took the common man to shake up the system. What now after this survey? Will they still be content with issuing statements or will they find Gandhian methods to fight these ills?
