Recent Scams and its impact on Indian Politics and Economy

India has seen in recent past many scams like 2G scams, mining scam, corruption in CWG, recent revelation by Nira Radia tapes exposing corruption at highest decision making level in the country involving politicians, babus and corporate world. What is the implication of all these scams in terms of political stability, economic sentiments and image of the country which boasts of world’s largest democracy and one of the fastest growing economies in the world.
Major points in this regard could be observed in the following areas:
1. Pro-active role of judiciary in dispensing justice by forcing political executive to act fast against corruption. It is believed that it is the pro- active role of Supreme Court that forced Congress-led UPA government in Centre to act against Raja, tainted former Telecom Minister believed to amassed huge kickbacks in license auction. PM is forced to act swiftly by asking CBI to interrogate Raja and to divert the attention of opposition for a JPC in the Parliament.
2. The non-functioning of parliamentary session by opposition parties led by BJP and washing away of entire winter session is not good for our democracy and economy.
3. Market works on sentiments besides other economic fundamentals. Scams after scams have not only tarnished the image of the country but also hitting hard our markets.
4. People and judiciary has to act in tandem along with Media to stop the kind of loot of public money by politicians so revealed by various scam at both Centre and State level and stop sort of branding our country going to become a banana republic as apprehended by Ratan Tata in a recent interview.
5. Issues like inflation, unemployment, delays in infrastructure projects and many pressing issues the nation is facing should be addressed by the party in power and not passing the buck and going for easy way of playing blaming game and diverting core issue of corruption.