We got him! From the White House Situation Room to the storm-struck towns of northern Alabama, the triumphant cry went up on Sunday night: America had found its number one enemy. And Barack Obama had fulfilled a promise.
It was not surprising to see India Inc openly coming out in support of Anna Hazare. In recent memory we have not witnessed any such move when Industry top guns lent their voices to a mass movement against rampant corruption. The reasons were obvious. India has seen sharp decline in foreign investments, instrumental in driving the growth. Few including the RBI attributed it to Jairam Ramesh’s “environment sensitive policies”. The RBI recorded “almost 36 per cent” dip in inward FDI during the first half of the current fiscal (April-September 2010). In fact, ‘green’ policies dictated from Paryavaran Bhavan were important factors in discouraging the FDI and negating growth. But, there is definitely more to it. Governance deficit has been the hallmark of UPA’s second avatar. Confidence in government is at its lowest ebb. The hollowness of rhetoric coming out from Red Fort & Burari has so far failed to ignite confidence in the hearts & minds of ‘aam-admi’. Not to talk about corporate who have invested billions in the economy, to earn their fortune by joining the India’s growth story bandwagon. The first indication of the depth of this rot came from Tata group Chairman Ratan Tata, who during a lecture in December last year said that his company did not enter the airline business as he was not comfortable with the idea of bribing a minister. Though Tatas were quick to withdraw the remark, but by then Pandora’s Box was already opened. Since than many industry bigwigs have openly admitted to the decay in the system. Latest to speak on this corrosion is Infosys’s Mohandas Pai, who alleged that his company was asked to pay a bribe by the government officials to clear projects but it refused and said files “go missing” when “palms are not greased.” If companies like Tata & Infosys have had been the victim of this corrupt system, it is really surprising to see that how common man has survived all this while. This also demands the question- Are these corporate really a holy cow, devoid of any ills which is necessarily a must virtue for minting quick money? Experience says, the ability to manage the government of the day has been an important foundation to business accomplishment in India. Post liberalization decline in this trend was palpable, as licenses were almost abolished with the parallel emergence of ‘new sectors’. With the passing time foreign money also swelled the economy which among other things sterilized the economy of previous ills. The success of this ‘new economy’ hardly needed any support from the authorities. Noted filmmaker Shekhar Kapoor made an interesting observation on this accomplishment, he said “the new IT backed economy succeeded in India because Babus were IT illiterate.” Unfortunately, this bonhomie didn’t last long and the year 2002 saw Tata-VSNL deal mired into allegation of corruption. BJP’s Arun Shourie was at the time the disinvestment minister, and later telecom minister. He was accused of causing loss to the exchequer by giving surplus land to the Tatas almost free of cost. Since then this connivance of corruption between Netas and industries has grown by leaps and bounds.
Corruption, in India has traditionally been linked with the Politicians & bureaucrats. Rarely accusations of malpractices have been labeled against corporations. White-collar crimes have always escaped public perception. But the Radia Tapes have unfolded before us how corruption is all pervasive across India irrespective of sectors or professions. In one of the tape India’s top business tycoon is quoted as claiming that the Congress party was his dukaan. Same applies for other parties including BJP and the Left; nothing is there to indicate otherwise. Many of the corporate houses are openly seen lobbying with the politicians. Remember Ratan Tata while deposing before the PAC described how ‘chemistry problem’ with Dayanidhi Maran led him to endorsing A Raja & subsequently writing paeans praising him. Tata indirectly accepted the corporate-politicians unholy nexus which has definitely existed since long. Will ‘chemistry problem’ of any individual determine the composition of the Union cabinet? Ratan Tata’s acceptance is just an indication of how deep is the rot! It also goes on to show how symbiotic is this unholy nexus.
Recently, going through an Indian Express article on corruption, I found an interesting comment. It says, “We are in a society where if you steal thousands you are labeled a thief, if you steal lakhs you are labeled entrepreneur and if you steal crores you are a lawmaker.” This truly reflects the impression society has about ‘entrepreneurs’ and our ‘sacrosanct lawmakers’. The mood was also reflected in CAG Vinod Rai’s address to industry body CII where he candidly expressed that prevailing "Business practices of some corporate houses have become the subject of increasing public scrutiny for their perceived ethical deficit. Corporate India needs to go through a phase of reflection and soul searching." He categorically pointed out that recent scandals had tarnished India Inc’s image. This apt statement by the head of corruption watchdog at the gathering of industry captains comes at a time when corporate India is struggling with its image make-up exercise.
Also, this calls in to revisit the process of donation to the political parties. Almost all big corporate houses make such donation which is 100% tax free. This has also been a shortcut route of cozying up between Netas and the business houses. In spite of many efforts from Election Commission, there are still some grey areas. One of the root cause of corruption in India is lack of transparency in the decision making process. Corporate bodies have been making hue and cry on missing opaqueness in the due process. Still few others from the community take it as a blessing to make a killing. There is also a prevailing demand that industrialists should have direct access to the Prime Minister and other Ministers and they must get rid of the ‘Radias’ which has already done irreparable damage to their credentials.
It has been said that the legacy of India's corporate corruption rests in the archaic tax regimes of Nehruvian era. But that has long gone. One of the premise on which Indian economy was opened was that it will reduce monopoly and at the same time will promote competition among players. That has happened and India has tasted fruit of economic liberalization. But at the same time we have seen corrupt corporate practices as never before. Before rallying behind Anna’s crusade on corruption India Inc must do critical examination of its own motives, actions & beliefs. Else they risk loosing the gains of economic liberalization.
The Government has come out with a bizarre defence of beleaguered CVC (Chief Vigilance Commissioner) PJ Thomas. In a shocking disclosure, the Govt told the Supreme Court that it was not aware of charges against Thomas in the Palmolien Oil import scam.
First, let me confess, I am writing these lines from the comfort of my room. I don’t have an Air Condition, but the room-heater has made the atmosphere salubrious. Room thermometer reads 15.C, comfortable enough for home sapiens to dwell, eat and merry. Each day, I spend 10 hours in my office. The management has designed the ambience in a way that to extract best out of me. On last day of every month my account is credited with the salary, the amount of which is petty for some but jackpot for majority in this country. 
“We will be back tomorrow with more direct questions,” the man signed off in his characteristic combative tone.
