"Ethical values in general have drastically come down and society has become permissive and accepts corruption as normal" CFO of a leading pharmaceutical company said.
At a time when India is aiming for a 9 percent GDP growth, the rising level of bribery and corruption cases have cast dark cloud over the hard earned success by the country over the last two decades. A series of high-level corruption and scams over the past two years are now threatening to derail the country's credibility, especially in the international arena, and the economic boom witnessed especially since liberalisation.
KPMG Forensics conducted a survey among leading Indian corporate to get an insight into the challenges faced by them due to corruption.
The survey reveals how the Indian corporate sector is battling corruption and at the same time looking for ways to play a greater role in improving the system to ensure a thriving business environment in India.
Rohit Mahajan, Executive Director, Forensic Services, KPMG-India said, "To make this survey a comprehensive one, we have ensured that all major industries are covered. All the participating corporate was keen to be part of this survey and express their concerns about the state of affairs, which they believe has major implications for the business environment in one of the fastest growing economies in the world."
The survey has found some important points:
1.68 percent of survey respondents believe that India can achieve more than projected 9 percent GDP growth if corruption is controlled.
2.51 percent of the survey respondents fear that rising corruption will make India less attractive for foreign investment.
3. 90 percent of respondents felt that corruption negatively impacts the performance of stock markets by increasing volatility and prevents institutional investors from making long term investments.
4.99 percent respondents felt that the biggest impact of corruption on business was its tendency to skew the level playing field and attract organisations with lesser capability to execute projects.
5.68 percent of respondents believe that in many cases corruption is induced by the private sector.
6. Majority of the respondents feel that the corruption level in India will remain at the same level irrespective of the legislation.
7. Among the various measures taken by the government, the Right to Information Act emerged as the most effective in fighting corruption.
8. 84 percent of the respondents believe that Indian government has not been very effective in enforcing anti-bribery and corruption laws.
The corporate sector has also demanded a structured and effective whistle blowing mechanism to report potential bribery or corruption issues. It is a fact that bribery and corruption is a growing menace that has the potential to adversely impact India's economic growth, and image to the world. India Inc strongly believes that its efforts along with the steps taken by the Government of India can go a long way in diminishing corruption.
At a time when India is aiming for a 9 percent GDP growth, the rising level of bribery and corruption cases have cast dark cloud over the hard earned success by the country over the last two decades. A series of high-level corruption and scams over the past two years are now threatening to derail the country's credibility, especially in the international arena, and the economic boom witnessed especially since liberalisation.
KPMG Forensics conducted a survey among leading Indian corporate to get an insight into the challenges faced by them due to corruption.
The survey reveals how the Indian corporate sector is battling corruption and at the same time looking for ways to play a greater role in improving the system to ensure a thriving business environment in India.
Rohit Mahajan, Executive Director, Forensic Services, KPMG-India said, "To make this survey a comprehensive one, we have ensured that all major industries are covered. All the participating corporate was keen to be part of this survey and express their concerns about the state of affairs, which they believe has major implications for the business environment in one of the fastest growing economies in the world."
The survey has found some important points:
1.68 percent of survey respondents believe that India can achieve more than projected 9 percent GDP growth if corruption is controlled.
2.51 percent of the survey respondents fear that rising corruption will make India less attractive for foreign investment.
3. 90 percent of respondents felt that corruption negatively impacts the performance of stock markets by increasing volatility and prevents institutional investors from making long term investments.
4.99 percent respondents felt that the biggest impact of corruption on business was its tendency to skew the level playing field and attract organisations with lesser capability to execute projects.
5.68 percent of respondents believe that in many cases corruption is induced by the private sector.
6. Majority of the respondents feel that the corruption level in India will remain at the same level irrespective of the legislation.
7. Among the various measures taken by the government, the Right to Information Act emerged as the most effective in fighting corruption.
8. 84 percent of the respondents believe that Indian government has not been very effective in enforcing anti-bribery and corruption laws.
The corporate sector has also demanded a structured and effective whistle blowing mechanism to report potential bribery or corruption issues. It is a fact that bribery and corruption is a growing menace that has the potential to adversely impact India's economic growth, and image to the world. India Inc strongly believes that its efforts along with the steps taken by the Government of India can go a long way in diminishing corruption.
No comments:
Post a Comment