&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;That&a;rsquo;s evidenced by a string of high profile scandals that shook his administration. Like a murky &l;span&g;7.8 billion euro weapons &l;a href=&q;https://www.nytimes.com/2019/01/30/opinion/india-arms-deal-corruption-modi.html&q; target=&q;_blank&q;&g;contract&l;/a&g; to purchase 36 Rafale fighter planes from France. And a&l;/span&g;&l;span&g; $2 billion bank fraud &l;a href=&q;https://www.bloomberg.com/news/articles/2018-03-18/modi-under-fire-as-2-billion-india-fraud-hits-anti-graft-image&q; target=&q;_blank&q;&g;uncovered&l;/a&g; last February at India&a;rsquo;s state-owned Punjab National Bank.&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&a;nbsp;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;Corruption in Modi&a;rsquo;s India is also evidenced by a string of reports from Transparency International. Like the one published early this week, ranking India 78 in corruption out of 175 countries. While this is a slight improvement from last year&a;rsquo;s ranking, the recent ranking is still worse than the 2015 ranking&a;mdash;see table 1.&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;These findings must have surprised Indian observers. Prime Minister&a;nbsp;Modi and his &l;/span&g;&l;span&g;Bharatiya Janata Party&l;/span&g;&l;span&g; &l;/span&g;&l;span&g;came&l;/span&g;&l;span&g; to office with &l;/span&g;&l;span&g;a&l;/span&g;&l;span&g; promise to free India from the vice of corruption.&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g; &l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;b&g;&l;span&g;Table 1&l;/span&g;&l;/b&g;&l;span&g;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;Corruption Remains Strong Under Modi&l;/span&g;&l;/div&g;
&l;div class=&q;table-wrapper&q;&g;&l;table class=&q;yiv2995441231MsoNormalTable&q; border=&q;0&q; cellspacing=&q;0&q; cellpadding=&q;0&q;&g;&l;tbody&g;&l;tr&g;&l;td valign=&q;top&q;&g; &l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;b&g;&l;span&g;Country&l;/span&g;&l;/b&g;&l;span&g;&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;b&g;&l;span&g;Corruption&l;/span&g;&l;/b&g;&l;span&g;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;b&g;&l;span&g;Rank 2010&l;/span&g;&l;/b&g;&l;span&g;&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;b&g;&l;span&g;Corruption&l;/span&g;&l;/b&g;&l;span&g;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;b&g;&l;span&g;Rank 2015&l;/span&g;&l;/b&g;&l;span&g;&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;95&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;b&g;&l;span&g;Corruption&l;/span&g;&l;/b&g;&l;span&g; &l;b&g;Rank 2016&l;/b&g;&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;133&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;b&g;&l;span&g;Corruption Rank 2017&l;/span&g;&l;/b&g;&l;span&g;&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;133&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;b&g;&l;span&g;Corruption Rank 2018&l;/span&g;&l;/b&g;&l;/div&g;&l;/td&g;
&l;/tr&g;&l;tr&g;&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;India&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;87&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;76&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;95&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;79&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;133&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;81&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;133&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;78/175&l;/span&g;&l;/div&g;&l;/td&g;
&l;/tr&g;&l;tr&g;&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;Philippines&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;134&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;95/168&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;95&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;101/168&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;133&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;111/180&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;133&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;99/175&l;/span&g;&l;/div&g;&l;/td&g;
&l;/tr&g;&l;tr&g;&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;Pakistan&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;143/168&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;117/168&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;95&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;116/168&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;133&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;117&l;/span&g;&l;/div&g;&l;/td&g;
&l;td valign=&q;top&q; width=&q;133&q;&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;117/175&l;/span&g;&l;/div&g;&l;/td&g;
&l;/tr&g;&l;/tbody&g;&l;/table&g;&l;/div&g;&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;i&g;&l;span&g;Source: Transparency&a;nbsp;International&l;/span&g;&l;/i&g;&l;/div&g;
&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;And they made good on this promise by launching unconventional measures like&a;nbsp;getting rid of &a;ldquo;black money,&a;rdquo;&a;nbsp;ie&a;nbsp;the 500 and 1000 rupee notes.&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&a;nbsp;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;Apparently, Modi&a;rsquo;s government has been fighting corruption in the wrong places, among the country&a;rsquo;s poor. And it has left corruption thriving in the high places, among the country&a;rsquo;s rich.&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g; &l;img class=&q;size-large wp-image-19381&q; src=&q;http://blogs-images.forbes.com/panosmourdoukoutas/files/2019/01/koyfin_20190131_081223980-1200x600.jpg?width=960&q; alt=&q;&q; data-height=&q;600&q; data-width=&q;1200&q;&g; Indian Shares &l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&a;nbsp;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;Meanwhile, India has &l;/span&g;&l;span&g;also &l;/span&g;&l;span&g;been ranked among the &q;worst offenders&q; in terms of graft and press freedom in the Asia Pacific region.&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&a;nbsp;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&a;ldquo;Philippines,&a;nbsp;India&a;nbsp;and the&a;nbsp;Maldives&a;nbsp;are among the worst regional offenders in this respect,&a;rdquo; states the 2017 report. &a;ldquo;These countries score high for corruption and have fewer press freedoms and higher numbers of journalist deaths. In the last six years, 15 journalists working on corruption stories in these countries were murdered, as reported by the&a;nbsp;&l;/span&g;&l;u&g;&l;span&g;&l;a href=&q;https://cpj.org/data/killed/#~(status~&s;Killed~motiveConfirmed~(~&s;Confirmed)~motiveUnconfirmed~&s;Unconfirmed~type~&s;Media*20Worker~typeOfDeath~(~)~sourcesOfFire~(~)~localOrForeign~(~)~gender~(~)~employedAs~(~)~jobs~(~)~coverages~(~)~mediums~(~)~cc_fips~(~)~start_year~&s;1992~end_year~&s;201&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q; target=&q;_blank&q;&g;Committee to Protect Journalists (CPJ)&l;/a&g;&l;/span&g;&l;/u&g;&l;span&g;.&a;rdquo;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&a;nbsp;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;Persistent corruption is usually a big impediment to spreading the benefits of economic growth from a narrow elite to the masses. And that could explain a big decline in the percentage of Indians who rate their lives positively enough to &l;/span&g;&l;span&g;score&l;/span&g;&l;span&g; it as &q;thriving&q; since&a;nbsp;Modi&a;rsquo;s party&a;nbsp;assumed office, as discussed in a previous piece here.&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;India&a;rsquo;s situation is neither new nor unique in the emerging market world. And &l;/span&g;&l;span&g;it &l;/span&g;&l;span&g;has been nicely rationalized by &l;/span&g;&l;span&g;Daron Acemoglu and&a;nbsp;James A. Robinson in&a;nbsp;&l;i&g;Why Nations Fail: The Origins Of Power, Prosperity And Poverty.&l;/i&g;&a;nbsp;&l;/span&g;&l;span&g;In most global emerging markets, the &a;ldquo;state&a;rdquo; &a;ndash; ie the political institutions that set up the rules of the economic game -- represents a few economic elites rather than the masses, according to the authors of the book.&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;That&a;rsquo;s a breeding ground for the rise of crony capitalism and corruption. Populist governments of all kinds and sorts come to the office with the promise to change this situation. But &l;/span&g;&l;span&g;all too often&l;/span&g;&l;span&g; &l;/span&g;&l;span&g;it is the existing situation they embrace once in office.&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&a;nbsp;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;As has been the case in India.&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&a;nbsp;&l;/span&g; &l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&a;nbsp;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&l;a href=&q;https://www.forbes.com/pictures/5a57aeb44bbe6f2652f25458/the-top-20-jobs-for-getti/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q;&g;&a;nbsp;&l;/a&g;&l;/span&g;&l;/div&g;
&l;div class=&q;yiv2995441231MsoNormal&q;&g;&l;span&g;&l;a href=&q;https://www.forbes.com/pictures/5a57aeb44bbe6f2652f25458/the-top-20-jobs-for-getti/&q; target=&q;_blank&q; rel=&q;noopener noreferrer&q;&g;&a;nbsp;&l;/a&g;&l;/span&g;&l;/div&g;
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