Photo Credit: Avaaz
Since introducing market-based economic reforms in 1991, India has become one of the fastest-growing economies in the world; to date is the world’s most populous democracy and the sixth largest economy. In fact, according to projections, India is well poised to become the third-largest economy in the world by 2030, surpassing Japan, Germany, Britain, and France. On the surface, India’s upward trajectory appears unstoppable however, a closer look at the inner workings of the Indian economic system shows that one major obstacle stands in India’s path: systemic corruption.
According to a recent survey by Transparency International (TI), India has the highest bribery rate among the 16 Asia Pacific countries surveyed. Corruption is particularly prevalent in the Indian public sector, where nearly seven in ten people who accessed public services in India had to pay a bribe. All segments of society regardless of location, economic status, or business affiliation feel the effects of corruption. Read More...
