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COBWEB: CORRUPTION, LATENT ECONOMY AND THE LOKPAL

By Yashdeep Lakra & Sahil Yadav

In the times that we witness, corruption has risen to a stance where it becomes ostensible in one way or another. The characterization of corruption varies vastly. Whether tangible or intangible, everything that abides with a value attached to it is credulous to be corrupted by any entity. The origination and sermonizing of corruption can be traced back to the advent of capitalism in the 1990s in India and has persisted as a consequence of regulatory conditions generated and imposed by the firms. Money is a medium that holds the ability to satisfy all needs and desired and the practice of corruption has been born out of an unending want for unethical economic gains have set the precedent for an economically malnourished society as the greatest benefits are enjoyed by the least number of people. The longing for more that impels one to gain a tendency of making a choice with the act of corruption can lead to a subsequent and never-ending spiral in which the economy of a country can easily get caught. This leads to the genesis of a “latent” or “hidden” economy that poses a grave threat to the economic health and stability of the county. There are a plethora of causes that instigates the chain of this activity, out of which validation can be sought for a few but the factors of which are narrowed down to the disparity created between the classes of society, thereby manifesting the spiral itself. In a sought-after way to overcome this atrocity, The Lokpal and Lokayukta Act 2013 was looked at as an independent and autonomous mechanism to fight against the rampant corruption which has its roots deeply embedded in the economy in an effective and efficient manner. Unfortunately, even this legislation had numerous inherent anomalies and loopholes, and these vulnerabilities pose a potent threat for easy manipulation. With a narrowed down view focused on Indian economic development, badgered with corruption, the author has made an attempt to delve into this intricately woven cobweb and provide some viable solutions to rescue the backbone of the state, i.e., the economy.
Key words: Corruption, Economy, Lokpal, Hidden

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