Thursday, February 10, 2011

Corruption & Black Money

Everyday we hear of huge sums of black money stacked in secret accounts in a number of tax havens and the ongoing efforts on the part of media to expose these account holders and on the part of government to recover some of it. This process of recovery is riddled with international complexities and no time frame can be set for this. Since the amounts involved are mind boggling (Conservative estimate of around 70 Lakh Crores) in comparison to our annual GDP of 60 lakh  crores,  the matter's importance to the nation cannot be undermined. There is yet another angle to black money with equally mind boggling quantum whose solution is in our own hands but it is seldom talked about by  politicians or media. Yes, I am referring to the annual generation of black money which is estimated to be about 20% of our GDP and is almost equal to our annual budget.This money remains within the country and is the result of rampant corruption in all spheres of life.  If  any worthwhile effort is to be made to curtail corruption, the main areas of its generation and how to fight this evil need to be analysed. This certainly does not involve any rocket science. All that is required is to learn from our daily experiences in various spheres of life and have a strong resolve to eradicate it. In plain and simple words plug the avenues of investing money earned through corrupt practices after all entire illgotten money cannot be spent on eating almonds or drinking expensive liquor. This money invariably will be used for purchase of property, gold, silver and high value cars, electronic and household effects and we require some incorruptible leaders, if we still have some left in this country.