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Political Corruption and Corruption Related Risks

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    BUSINESS COMMUNICATION REPORT ON EFFECTS OF CORRUPTION ON ECONOMY Submitted To: Submitted By: Mr. Pankaj Chauhan Sonali Jain Section- C (156) PURPOSE Our world is corrupt. There is no doubt of that. No matter what city you live in there are corrupt politicians and corrupt police.

    Our world runs by it. Corruption is so widespread that even if you know it is happening you have to work for its’ benefit. Talent, Ability, or Morals have no chance against it. There is no escape. Corruption puts incompetent people in charge and keeps them there. That’s its purpose. INTRODUCTION Most of us have an idea of what corruption is. But we don’t necessarily share the same idea. That is why we need to ask the question about what corruption is. For example, do you believe giving money to speed up the processing of an application is corruption?

    Do you think awarding contracts to those who gave large campaign contributions is corruption? Do you think bribing a doctor to ensure your mother gets the medicine she needs is corruption? Do you think using government construction equipment to build an addition on one’s house is corruption? Corruption is not just the clearly “bad” cases of government officials skimming off money for their own benefit. It includes cases where the systems don’t work well, and ordinary people are left in a bind, needing to give a bribe for the medicine or the licenses they need.

    Corruption is the lack of duty, morality and honesty. In spite of various policies, implemented rules and regulations and reinforcement of anti-corruption bureaus, corruption is still making its surface that needs to be addressed very seriously, thoughtfully as well as by not affecting by going to the roots of a cause. Impact of Corruption in the Indian economy Economy of India is engulfed by devil known as corruption. It’s like a cancer which is effecting every part of India. It exists from lower level to higher levels.

    This resource contains what are the causes and effects of corruption in India and also what can be done to eradicate this evil. Effects 1) Loss to tax payers Working class people keep on paying tax to the government but it is being misused and fall in pocket of others in form of corruption. Government should take action and should provide details of money that is being collected as tax. System should be transparent. 2) Inflation As, the economy is falling down, corruption is getting high the result is inflation is reaching to its peak. Poor people are becoming poorer and rich people are getting richer day by day.

    Daily based commodities are going out of reach from people. 3) Lack of infrastructure Public money is going in the personal pockets which are meant to invest on public infrastructure. Due to that diversion many of the projects are getting delayed and even not started, but they are shown to be complete on papers. Hence the loss is to nation only. Conclusion Corruption in India has degraded the Indian economy. Strong steps should be taken by the judiciary of India so that every culprit who has taken the national advantages in form of corruption should be punished.

    Government should bring some changes in administrative procedure to cover all the loop holes so that no exploitation should occur. We must work together to throw away this evil from ourselves and from nation. Recommendations In order to curb corruption, organisations could adopt the following preventive mechanisms: * Draw up a comprehensive code of conduct and ensure strict enforcement of the code communicating zero tolerance towards corruption. * A structured whistle blowing mechanism to report potential bribery / corruption issues. A comprehensive and periodic risk assessment mechanism, including third party audits with speci? c reference to corruption related risks. * A regular monitoring mechanism to address issues arising out of bribery/ corruption. BIBLOBRAPHY http://www. indiastudychannel. com/resources/136794-Corruption-India-Causes-Effects-Indian. aspx http://trak. in/tags/business/2011/03/15/impact-of-corruption-on-indian-businesses-survey/ http://patriotick. blogspot. in/2011/09/impact-of-corruption-in-india. html http://www. prlog. org/10240945-effect-of-corruption-in- economic-growth. html

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