SneakFreak Posted July 27, 2013 Share Posted July 27, 2013 The country has suffered potential losses of Rs 36,400 crore due to corruption cases reported in the media from October 2011 to September 2012 that excludes large scams such as 2G, Commonwealth Games and mining, said a report titled "Bribery and corruption: Ground reality in India" released by FICCI and Ernst & Young (E&Y) on Monday. Last year, India ranked 94 out of 176 countries in the Corruption Perception Index of Transparency International. Corruption will have a detrimental impact on the economy resulting in skewed distribution of wealth and inefficient utilization of resources. More than half of the respondents surveyed agreed that it is the lack of will of corporate enterprises to obtain licenses and approvals the right way encourages bribery and corruption. Around 83% of the respondents felt that the recent spate of scams would negatively impact FDIinflows into the country. Link to comment Share on other sites More sharing options...
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