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Global banking giant Stanchart has said that public outcry to tackle corruption has diverted the government’s reforms agenda, which is considered essential for sustaining high growth.
In its ‘The India Chartbook: Q1 2011’ report, the banking major also said that the country’s democratic structure and strong media will help tackle the menace of corruption.
“Pressure to tackle the twin issues of corruption and inflation has diverted the focus from expediting reforms. Widely discussed legislation allowing increased FDI in the insurance and retail sectors is yet to be taken up,” it said.
StanChart, however, added that the democratic spirit of India along with strong institutions and acts could act as a deterrent.
“The country’s democratic structure, with a strong media and a Right to Information Act, has caused corruption issues to receive a high degree of exposure. The positive aspect is that this scrutiny might help to reduce future instances of corruption,” it said.
Stanchart’s observations come at a time when the four-day long fast by social activist Anna Hazare and his supporters forced the government to agree on formation of a joint committee consisting of ministers and civil society representatives to draft an effective Lok Pal Bill.
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