India is reasonably successful in reducing corruption: SBI Research
, ET Bureau|
Updated: Oct 09, 2017, 09.25 PM IST
MUMBAI: India has been reasonably successful in reducing corruption, which has had a positive impact on its economic growth, a report by SBI’s research team has said.
The research paper shows that between 2011 and 2016, countries, such as India, UK, Portugal and Italy, have not only succeeded in improving their overall rank in corruption perception index, but also achieved GDP growth despite slowdown in the world economy. India has improved its overall rank the most from 95 in 2011 to 79 in 2016.
On the other hand, countries, such as Singapore, Hong Kong, Mauritius, Turkey and South Korea, who failed to contain corruption and slipped in the overall ranking saw lower economic growth.
According to the note, one of the positive fallouts of demonetisation in November 2016 is that there is a considerable increase in the number of income-tax returns filed. The e-filing of income-tax returns has already crossed the three-crore mark this fiscal till August 2017, with a year-on-year growth of 24%. During FY17, a total of 5.28 crore returns were e-filed, about 22% more than the FY16 level.
Besides, the number of companies registered with the authorities has risen, it said. During April-August 2017, there were 46,536 newly registered companies with an authorised capital of Rs 9,350 crore. The number of new companies in mining, construction, manufacturing and trading rose by more than 45% compared with FY17.
The report also added that the rise in the number of cases being disposed of by the central vigilance commissioner also points to an attempt to reduce corruption in the country.
The research paper shows that between 2011 and 2016, countries, such as India, UK, Portugal and Italy, have not only succeeded in improving their overall rank in corruption perception index, but also achieved GDP growth despite slowdown in the world economy. India has improved its overall rank the most from 95 in 2011 to 79 in 2016.
On the other hand, countries, such as Singapore, Hong Kong, Mauritius, Turkey and South Korea, who failed to contain corruption and slipped in the overall ranking saw lower economic growth.
According to the note, one of the positive fallouts of demonetisation in November 2016 is that there is a considerable increase in the number of income-tax returns filed. The e-filing of income-tax returns has already crossed the three-crore mark this fiscal till August 2017, with a year-on-year growth of 24%. During FY17, a total of 5.28 crore returns were e-filed, about 22% more than the FY16 level.
Besides, the number of companies registered with the authorities has risen, it said. During April-August 2017, there were 46,536 newly registered companies with an authorised capital of Rs 9,350 crore. The number of new companies in mining, construction, manufacturing and trading rose by more than 45% compared with FY17.
The report also added that the rise in the number of cases being disposed of by the central vigilance commissioner also points to an attempt to reduce corruption in the country.
