The elite in India has looted one billion people for 125 billion USD within a decade. 1,5 trillion USD has already been stolen and moved to Swiss banks.
More than USD125 billion worth of funds meant for the uplift of Indians were illegally siphoned out of the country.
The culprits are corrupt Indian politicians and corporates between 2000 and 2008. The robbery of the Indian nation is hindering inclusive growth, a leading think tank here said on Wednesday.
“Much of the funds flowing out are generated at home within India and then sent illegally abroad,” said an upcoming report from Global Financial Integrity (GFI).
“So the growth of corruption and India’s underground economy contributes significantly to illicit financial flows from the country,” said the research arm of the Centre for International Policy (CIP).
“Both corrupt political and corporate officers manage to siphon off funds — intended to aid the people of India — to the political and private sector elite,” it said.
“Recent efforts in India to challenge this corrupt affront on humanity have been met with severe violence,” junior GFI economist Karly Curcio said on a blog on the report on illicit financial flows from India.
“As India develops economically and builds better infrastructure, one would think all Indian citizens would see an increased standard of living and that the income inequality levels would fall,” says the blog post following a news report about recent violent crimes in India against whistle-blowers.
India ranked 84 out of 180 countries in Transparency International’s 2009 Corruptions Perceptions Index ranking.
“As corruption continues to plague both the country and its ability to develop free and fair institutions to monitor and charge corrupt officials, most of India’s economic growth will never make it to the people of India,” Curcio warned.
India’s legislative efforts to protect whistle-blowers and those who work to fight corruption is a step in the right direction.
However, more must be done, she says, calling for global efforts to make it harder to move illicit funds around the world.
Source: DNA, Indian daily.
The elite in India are the biggest looters and robbers on the face of the Earth.
In 2006 someone leaked a report from the Swiss Bank association. The report calculated the deposits by 80.000 Indian nationals in Switzerland to be 1,5 trillion USD.
Some of the biggest crooks have very fast moved to become the richest men in India. A news report yesterday foretold Mukesh Ambani of Reliance Industries to become the richest man in the World by 2014. That is a shame. 500 million people in India live on an income less than two US dollar a day.