2010 will go down in history as the year of the big fat loot !
Scam after scam rocked the nation...The Provident Fund Scam, CWG scam, Adarsh Housing scam, 2G Spectrum scam, Lavasa Hill City scan, Karnataka Land scam, Cash for Loans Scam... accounting for over Rs 2.0 trillion!
The Global Financial Integrity in a recent report stated that in 60 years of independence, almost Rs 21.0 trillion had been illegally siphoned out of India, the average outflow peaking to Rs 1.22 trillion in 2008. In the same year, India’s underground economy grew to about Rs 30.0 trillion. Against these mind-boggling figures, India’s total external debt as of September 2010 stood at a mere Rs 13.22 trillion!
The report identifies Corruption, Currency counterfeiting, Tax evasion, and other financial frauds as the main sources of this burgeoning parallel economy.
The study also reveals an ever-widening gap between India’s rich and poor. There are many more high net-worth individuals in India now than ever before, while vast chunks of the population continue to live with virtually no access to clean water, education, sanitation or healthcare.
Theologian, Speaker and Writer, Sister Joan D Chittister OSB says, 'If the people speak and the king doesn't listen, there is something wrong with the king. If the king acts precipitously and the people say nothing, something is wrong with the people'.
Will the New Year help us realise our strengths and weaknesses as citizens of this great country, and act responsibly?
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