The negative impact of corruption on development is no longer questioned. Evidence from across the globe confirms that corruption impacts the poor disproportionately.
Corruption hinders economic development, reduces social services, and diverts investments in infrastructure and social services. Moreover, it fosters an antidemocratic environment characterized by uncertainty, unpredictability and declining moral values and disrespect for constitutional institutions and authority. The fight against corruption has been declared a high priority by Prime Minister Dr Manmohan Singh.
The message is clear – nobody would be spared. However, corruption remains widespread in the country and there have been many instances of political and bureaucratic corruption, public funds embezzlement, fraudulent procurement practices, judicial corruption and corruption in industry. Government has recently ratified the UN convention on corruption on 12th May, 2011.
CII believes that it must play its part towards minimizing corruption and to that effect, has recently set up a Task Force on Integrity & Transparency in Governance under the Chairmanship of Mr. Adi Godrej, President-Designate, CII. The Task force is working on several areas – more importantly, it has developed a Code of Business Ethics which is recommended to members to follow on a voluntary basis.
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