In the midst of the several scam like 2G spectrum, CWG, Adarsh Society and many more, KPMG global consultancy firm have come up with the fresh survey report that Real estate sector has topped the list of industries perceived to be the most corrupt in India.
According to KPMG reports nearly half of the respondents in the survey are of the view that real estate and construction sectors are most prone to corruption because government and political intervention is considered higher in these sectors. Large capital investments, multi-level approvals, complex processes and huge projects give immense opportunity for corruption, the survey said.
Reports said that 68% of respondents believed if corruption is controlled then country can achieve more than the projected 9% economic growth, while 51% feared that rising corruption will make India less attractive to foreign investment.
As many as 90% of respondents believed that corruption negatively impacted stock market performance.“Regulations in the country focus on the bribe taker rather than on the payer and hence corporate houses do not shy away from adopting corrupt practices. However, the global environment is rapidly changing and it will only be a matter of time before Indian regulators align themselves on global anti-corruption practices”, the survey quoted KPMG’s risk and compliance head Deepankar Sanwalka as saying.
The survey is based on responses of about 100 corporate, mainly MNCs (48%), India based MNCs (28%) and domestic Indian firms. KPMG had sent its detailed set of questions to about 300 companies.