Special Mention

GOVERNMENT MUST TAKE ACTION TO DISMANTLE CORPORATE ESPIONAGE

Mar 20th 2015

The recent Corporate Espionage incidents squarely puts the spotlight back on the Indian Corporate sector and their relationship with Government. While the role of politicians and bureaucrats in the slew of scams has been widely debated, the role of Corporates in the disturbing trend of corruption and policy capture in Government has not been talked about enough.

While the Government is setting new standards of conduct amongst Ministers, I suggest a two pronged approach to address the issue of Corporates influencing government policy making.

1. Create a culture of deterrence: The government should draft a new legal framework to ensure that such crimes are prosecuted speedily and fairly. This deterrent is required as an incentive for Corporates to follow the rules and laws. The Official Secrets Act must be amended to strengthen the punitive provisions and Fast Track Courts must be established to swiftly prosecute such crimes.

 2. Create a culture of transparency in Government: Let most of the Government work in the public domain, creating no premium for information while ensuring equal access to all corporates and stakeholders. Where secrecy is required, create a tight system of managing secret documents especially those in National security, Defence etc.

For India to be a true Investment destination and a globally competitive economy, it needs to reform corporate conduct. This is the only way the government will be able to Transform India for the benefit of its citizens.