Thursday, August 25, 2011

Open licence for mass corruption

Prime Minister Manmohan Singh said today while addressing in the parliament. It is not surprise at least to me but the context in which he said is important to record here.

Singh said that:

".......corruption sources are numerous. Until the early 90s, the biggest single source of corruption was the licensing system, the industrial licensing system, the import controls and the foreign exchange controls. The liberalisation that we brought about has ended that part of this corruption story.

Another major part of corruption was the rates of taxation which were so exorbitant that people were tempted to enter into corrupt practices to reduce their tax liabilities."

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