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Crony Capitalism: Leadership Alone Can Answer It

Crony Capitalism: Leadership Alone Can Answer It

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Published by GRK Murty
The first decade of the new millennium is coming to an end. On more than one count, it is indeed an eventful decade for India. Despite the sufferings of the whole world due to the economic meltdown which originated in the US, India managed to come out with less damage, recording a growth rate of 7.4% during 2009-10, and is poised to achieve 8.5% during the current fiscal. The analysis of India’s 500 largest companies carried out by your most obedient team strengthens that expectation.
The first decade of the new millennium is coming to an end. On more than one count, it is indeed an eventful decade for India. Despite the sufferings of the whole world due to the economic meltdown which originated in the US, India managed to come out with less damage, recording a growth rate of 7.4% during 2009-10, and is poised to achieve 8.5% during the current fiscal. The analysis of India’s 500 largest companies carried out by your most obedient team strengthens that expectation.

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Published by: GRK Murty on Dec 14, 2010
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12/14/2010

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‘Crony Capitalism’:
Leadership Alone Can Answer It
GRK Murty
 
The first decade of the new millennium is coming to an end. On morethan one count, it is indeed an eventful decade for India. Despite thesufferings of the whole world due to the economic meltdown whichoriginated in the US, India managed to come out with less damage,recording a growth rate of 7.4% during 2009-10, and is poised to
achieve 8.5% during the current fiscal. The analysis of India’s 500
largest companies carried out by your most obedient team strengthensthat expectation.But there remains a long-felt need still unfulfilled: our structures of governance remain ineffectual in fulfilling the basic needs of thecitizens. Indeed, good governance
driven by the philosophy of participation, fairness, transparency, efficiency, decency andaccountability
—is still eluding us, though it is said to be “the single
most important factor in eradicating poverty and promoting
development.” The transactions between government and the privatesector are mired in corruption even in today’s libe
ralized India.Corruption
largely caused by the greed of public officials andelected representatives, who have the discretion to grant benefits tothe citizens
continues to subvert development plans and divert theresources that might have been otherwise invested productively,
 
besides disrupting the transparent and normal operation of markets,thereby creating uncertainty for investors.The recent report of the Comptroller and Auditor General of Indiaabout the loss to the government to the tune of Rs 1,77,000 cr due toirregularities in the 2G spectrum allocation in 2008, along withprocedural violations alleged to have been committed by the Ministryof Communications and Information Technology, is indeed a pointer inthis direction. This is further accentuated by what Ratan Tata said aboutrent-seeking by the political power centers for permitting newbusinesses. All such practices are known to cause harm to business andstunt economic growth.The current plight of our nation was well articulated by PrimeMinister Manmohan Singh at the Hindustan Times Leadership Summit,
when he said that the “threats of corruption and crony capitalism” are
to be tackled effectively. Transition economies are indeed the worstvictims of rampant corruption and crony capitalism which have eveninternational implications. And the consequences of the evils of cronycapitalism suffered by the East Asian countries during the 1997 EastAsian currency crisis are still fresh in memory.

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