Indian Politics: Corruption, Scams and Scandals

About Indian Politics: Corruption, Scams and Scandals

India tops the list for black money in the entire world with almost US$1456 billion in Swiss banks (USD 1.4 trillion approximately) in the form of black money. According to the data provided by the Swiss Banking Association Report (2006), India has more black money than the rest of the world combined. Indian Swiss bank account assets are worth 13 times the country’s national debt. Indian black money is sometimes physically transferred abroad. The CEO of a Mumbai-based equity firm recently told journalists that the money is flown abroad in “special flights” out of Mumbai and Delhi airports to Zurich. Indeed Indians would be the largest depositors of illegal money in Swiss banks, according to sources in the banking industry. The estimated average amount stashed away annually from India during 2002-2006 is $27.3 billion US dollars. Independent reports have recently calculated India’s traditionally ruling family’s (Gandhi’s) financial net worth to be anywhere between $9.41 billion (Rs. 42,345 crore) to $18.66 billion (Rs 83,900 crore), most of it in the form of illegal monies. Harvard scholar Yevgenia Albats cited KGB correspondence about payments to Rajiv Gandhi and his family, which had been arranged by Viktor Chebrikov, which shows that KGB chief Viktor Chebrikov sought in writing an “authorization to make payments in US dollars to the family members of Rajiv Gandhi, namely Sonia Gandhi, Rahul Gandhi and Paola Maino, mother of Sonia Gandhi” from the CPSU in December 1985. According to the compilation, the total amount of money involved in various scams over the years since 1992, is estimated to be over Rs. 80 lakh crore (Rs. 80 trillion) or $1.80 trillion! While this figure is not claimed to be a definitive calculation, it has been arrived at on the basis of material published in newspapers over the years. Corruption has been widely prevalent since the first government in independent India was formed though an impression is being created that it is a relatively new phenomena in Indian politics. Corruption in India is a consequence of the nexus between Bureaucracy, politics and criminals. India is now no longer considered a soft state. It has now become a consideration state where everything can be had for a consideration. Today, the number of ministers with an honest image can be counted on fingers. At one time, bribe was paid for getting wrong things done but now bribe is paid for getting right things done at right time. It is well established that politicians are extremely corrupt the world over. This publication will be a valuable reference material for researchers, educationists, educational planners and administrators as well as research scholars and students.