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Fraud survey: Will India Inc respond?

It is inexplicable, to say the least. A global consulting major -- KPMG -- has come out with a startling revelation. According to the results of a survey of over 1,000 leading Indian firms -- conducted by KPMG -- that were published recently, 60 per cent of Indian firms have experienced frauds in the past two years.

The finding virtually justifies the low rank of the country in the Corruption Perception Index.

'We view them as time bombs, both, for the parties that deal in them and the economic system. In our view derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.' -- Warren Buffett

In a brilliant plot in a Malayalam movie, the villain seeks to murder a low-ranking police officer who has some incriminating evidence against him. To ensure that he covers his tracks, the cop is killed while on duty along with the chief minister. The net result is that the probe focuses on the assassination of the chief minister and not on the killing of the policeman.

Chidambaram: Reformer or deformer?

"The root cause of the current crisis is not indebtedness alone -- indebtedness is just a symptom. The underlying causes are stagnation in agriculture, increasing production and marketing risks, institutional vacuum and lack of alternative livelihood opportunities." -- The R Radhakrishna Committee report on agriculture indebtedness.

And, in one stroke, by his proposal to treat the symptom instead of treating the disease, the Hon'ble Finance Minister P Chidambaram, the darling reformer, has instantly turned into a dangerous deformer.

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