New Delhi: Terming corruption as the biggest ‘scourge’ affecting the country’s economic development, India’s corporate world has welcomed the agreement reached between the government and campaign led by Gandhian Anna Hazare over Lokpal Bill.

Talking to Danik Jagran, president of the Confederation of Indian Industry (CII), Hari Bhartia admitted that corruption is the single largest scourge affecting the country’s economic growth rate. “CII stands firm on fight against corruption and therefore, welcomes the developments of the last one week,” he said.

CII has also set up a Special Committee under the Chairmanship of Adi Godrej, Chairman, Godrej Group, which will help the government combating corruption.

Industry bodies like the Federation of Indian Chambers of Commerce and Industry (FICCI) and CII, voicing their support for the movement against corruption, have described the agreement between the government and Hazare as a major achievement.

“Corruption has dented India's image. Several foreign news journals including Financial Times and Singapore Times recently have published a number of reports on the corruption across India. The steps taken to tackle the menace would help increase foreign investment in the country,” Director General FICCI, Rajeev Kumar said.

Apart from FICCI, 68 per cent of the industrialists hold similar views on dealing with corruption.
A survey conducted by the International Management Advisory firm KPMG revealed on how the corruption is affecting India’s development.

Over 51 per cent industrialists said the menace not only hinders foreign investment into the country but also affects the investment market badly. The amount and number of scams which have broken out in recent times have always led to the crashing of stock market. This can also hamper the economic growth rate.

“Corruption is the biggest obstruction before India to become a developed nation. Corruption has also been cited as the main cause behind low foreign investment into the country,” said KPMG.

JPN/Bureau