Corruption cost India $125 billion in 2000-2008
Washington: A whopping $125 billion of public money has been siphoned off from India by corrupt politicians and officials between 2000 and 2008, as rampant corruption plagues the country that has seen rising inequalities despite unprecedented growth levels.
The figures of $125 billion illicit outflow of money from India are part of a report to be released by the Washington-based research and advocacy group Global Financial Integrity later this year.
“Much of the funds flowing out are generated at home within India and then sent illegally abroad. So the growth of corruption and India’s underground economy contributes significantly to illicit financial flows from the country,” said Karly Curcio, a junior economist at the Global Financial Integrity in a blog posted on its website.
GFI said according to its calculations India’s economic boom continued with an average growth rate of over 8% between 2004 and 2009. AGENCIES