ndia’s biggest growth industry isn’t outsourcing, pharmaceuticals or auto manufacturing – I believe it’s political corruption. In the last week, three top Indian officials have resigned for three different scandals. They all deny wrongdoing but corruption, long an issue in India, has again become topic number one for public debate.
The magnitude is mind-boggling. According to the Indian government’s Comptroller and Auditor General, the Indian exchequer has lost anywhere between $22 billion and $45 billion in the most sizable of the three current scandals: the alleged mishandling of a second-generation spectrum auction that favored a few bidders.
This isn’t the British Members of Parliament expenses scandal, where MPs were accused of overinflating expense reports; the biggest pilferer in that scandal made off with less than $1 million. In the U.S., lobbyist Jack Abramoff took in less than $100 million for his misdeeds
more at wsj
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