Indians' anger over rising corruption has reached feverish levels. What people are calling a "season of scams" includes the alleged theft of billions by officials behind last year's Commonwealth games in Delhi; $40bn in revenues lost from the crooked sale of 2G telecoms licences; and over $40bn stolen in Uttar Pradesh alone from schemes subsidising food and fuel for the poor. Foreign businessmen, who have slashed investment over the past year, rank graft as their biggest headache behind appalling infrastructure. Now India's anti-corruption chief has been forced out over, well, corruption.

Some are inclined to shrug their shoulders. After all, corruption does not seem to be stopping India from growing. Yet imagine how much better the country would be doing without it. Corruption raises costs not just to Indians, but also to the foreigners whose capital India needs.

Read Full Article