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Economic Institutions In India

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ARTICLE REVIEW ON
THE BOOK AN UNCERTAINITY GLORY- INDIA & ITS CONTRADICTIONS
FOR THE CHAPTER ACCOUNTABILITY AND CORRUPTION
COURSE- DIFFERENCE IN ECONOMIC INSTITUTION
SUBMITTED TO PROF. RAJKISHAN NAIR
BY TSHERING DOLMA GURUNG
MIB_MDM

Economic Institution are a specific agencies for both government and private , meant for studying economic data and deals with the job of supplying a good or service that is important to the economy of a country.
India is growing very fast economically thus it has become difficult to ignore the role of economic institution in shaping how people behave in Indian economy. Institutions are severely stressed and weak in India thus it is very important to come up with proper rules and regulations for economic institution, …show more content…

It is an endemic feature of Indian administration and Commercial life. In 2008 a study was conducted by Transparency International which reported that about 40% of Indians had firsthand experience of paying bribes or using a contact to get a job done in public office. This is possible because of 3 main reasons that lacks in Indian Institution. Firstly, is the lack of transparency and accessibility of information. People are not aware of many things which they should know and is there right. However, the 2005 right to Information act has made government official necessary to provide information requested by citizens, computerized the services and establish vigilance commissions. This helped to reduce corruption and opened up avenues to redress grievances. Institutionalization of social audits also helps to move towards transparency. Second issue is social leniency. It refers to tolerance of misdeeds. When the misdeeds are not fully exposed the bribe seeker are not much under pressure and they take advantage of this. So, naming and shaming is used through public campaigns and proper use of right to information act and also media and taking the perception of people regarding what is acceptable and what is not. Thirdly, is a effective prosecution which has a long room for improvement in India. The factors making it difficult is legal system, political support, lack of arrangement for protecting whistle blowers and reluctance of state authorities to allow the prosecution of government employees. Overcoming all this resistance is major challenge for

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