Corruption-Good for a Country's Economy.

CORRUPTION IS MORALLY BAD, BUT ECONOMICALLY BENEFICIAL FOR A NATION’S PROSPERITY.

CORRUPTION AND INDIA:
According to Transparency International (TI), ‘Corruption’ is operationally defined as the abuse of entrusted power for private gain. TI further differentiates between "according to rule" corruption and "against the rule" corruption. Facilitation payments, where a bribe is paid to receive preferential treatment for something that the bribe receiver is required to do by law, constitute the former. The latter, on the other hand, is a bribe paid to obtain services the bribe receiver is prohibited from providing. Corruption is branded under multiple names like Bribes, Kickbacks, Extortion, Misuse of Public Property and Funds, Theft of Government Financial Resources, Influence Peddling, Patronage, Nepotism, Shared Experience, Shared Interest, etc.
Amongst the many critical predicaments that the Indian economy suffers from, corruption has been one of the biggest monsters, and thankfully the most talked about in recent days. Needless to say, corruption has corroded every delivery system and has made it completely dysfunctional. The entire Indian public life is riddled with overriding rates of corruption– from the Adarsh Land Scam to Commonwealth Games Misappropriations to the 2G Spectrum Scam to Antrix-Dewas Deal– the list here has been endless, and the magnitude, obscene. In fact, India’s public life was never clean, more so after the end of License Raj and dawn of Privatisation – the infamous Bofors scandal, Harshad Mehta’s nexus with senior politicians and Ketan Parekh’s stock market manipulation – all had their own perilous impact on the economy!
Transparency International’s Corruption Perception Index (CPI) where India’s rank has been slipping consistently – is languishing at the 95th position now with a score of 3.1 (on a scale of 10), a sizable 23 ranks down from 2007! We are far behind China that stands at 75th position with a score of 3.6. CPI score. It...