Corruption becoming threat to India's economic development: Survey

Increasing cases of corruption in India are becoming a threat to the country's economy and will affect the nation's aim to gain over 9 percent growth, says a survey. A consultancy firm KMPG conducted the survey by questioning 100 top domestic and foreign businesses. It pointed out that corruption has increased to such an extend that that foreign investors are being deterred from the country. According to The BBC, the report pointed that Corruption poses a risk to India's projected 9 percent GDP growth and would result in a volatile political and economic environment. The reports said: "Today India is faced with a different kind of challenge", "It is not about petty bribes any more, but scams to the tune of thousands of crores that highlight a political/industry nexus which, if not checked, could have a far reaching impact." However, over 80 percent of respondents disagreed that corruption had reduced their ability to access domestic or foreign funds, while 55 percent disagreed that corruption had affected their business The report was commissioned in response to Prime Minister Manmohan Singh's efforts to fight increasing corruption in India that have struck the roots of governance. The worst-hit areas were real estate and construction. Delhi government has planned to spend huge amount of money for its improvement. India has been facing "season of scams" since the beginning of 2010. Corruption doesn't seem to be stopping India's growth. But there is no doubt that the country can perform better if an evil like corruption is eliminated from its roots. (ANI)