Real estate most corrupt industry, telecom No 2

-- Source of News : Zee News, March 14, 2011 --

Telecommmunications, under limelight in recent months due to the 2G scam, has been voted as the second most corruption-prone sector in India after real estate and construction, according to a survey by KPMG.

The survey, covering corporate India, also found that a huge majority of corporates believe India can surpass an annual growth rate of over 9 percent if corruption is controlled, while self-critically admitting that private sector is greatly responsible for bribery and nepotism.

The survey is based on responses from 100 Indian and multi-national corporations operating in the country in diverse areas, including transportation and logistics, aviation, oil and gas, consumer goods, financial services, auto and chemicals.

As per the final results, 32 percent of the respondents named real estate and construction sector as most prone to corruption. In second place came telecommunications, which was named by 17 percent respondents as the most corruption prone sector in India.

The telecom sector has been in spotlight due to the 2G scam in which many top industry players have been embroiled.

Among others in the KPMG survey, development sectors such as education and poverty alleviation came third with 13 percent respondents terming it as the most corrupt.

It was followed by financial services such as banking and insurance with 10 percent, defence with 9 percent, IT/ITES/BPO with 6 percent and energy and power with 5 percent.

Read more at Zee News node : http://biz.zeenews.com/news/news_content.aspx?newsid=22055