Everyone knows that corruption in India is spreading like a cancer disease, destroying the very fundamental of a nation. But exactly how deep is corruption present? Has it seeped into the world of business as well?
A recent survey by EY, for understanding the penetration of corruption and fraud across the world has revealed some interesting numbers. Termed as Europe, Middle East, India and Africa (EMEIA) Fraud Survey, the results throw back at us deeply disturbing trend, when it comes to the very psychology of corruption in India.
And the net result: India is ranked #9 most corrupt country out of 41 countries, when it comes to corruption in business and corporate structure.
Youth Ready To Embrace Corruption For Winning
The most disturbing trend which has emerged via this unique study is the fact that corruption is no longer a taboo for the youth.
And in order to win in business, the Indian youth can easily embrace corruption, just like drinking a cola straight from the refrigerator.
The study found that 1 out of 4 Generation Y youth in India is ready to offer cash payments, in order to win or retain their business. Cash payments, in today’s Digital India means a portal which opens up the corrupted world.
EY India’s Partner and National Leader, Fraud Investigation & Dispute Services, Arpinder Singh said, “Unethical behaviour at the workplace among Gen Y (generally referred to people born in the 1980s-90s) has become a serious cause of concern..”
This means that corruption has actually seeped into the business world, and the issue of ethics and morality is as rare as the Giant Panda now.
Corruption Seeps Into Corporate World
Not only business, but corporate sector is witnessing massive corruption indicators, as per the study’s findings.
Shockingly, 4 out of 10 Indians working in corporate sector admitted that they won’t report or reveal any corruption activity happening around them, if it can hamper their career growth. Thus, 44% of corporate employees in India will happily ignore any cases of bribery, fraud and corruption, if it means better career prospects.
In fact, 78% of all surveyed Indians admitted that corruption and bribery is widespread.
Sample this: In order to meet their financial targets, 30% of corporate employees in India are willing to book revenues earlier, which is a clear cut case of corruption.
Besides, 16% of all corporate employees are willing to misstate their company’s financial data, if that means meeting their own financial targets.
And, not only Gen Y entrepreneurs, but senior Board Members and Managers are also willing to offer cash as a means to advance their careers. 33% of all Indian managers admitted that they are willing to offer cash for betterment of their own careers.
The overall derivation of these results is that India is now ranking behind countries like Ukraine, Cyprus, Greece, Slovenia, Croatia, Kenya, South Africa and Hungary in corruption, and this is indeed a bad signal.
As per the report, youth and corporate employees in India should be taught and trained to “strengthen their moral compass, communicate the importance of upholding ethical standards and develop programmes to motivate future leaders make right choices in life.”