Corruption, Corrupt Practices and Erosion of Public Trust

 Corruption, Corrupt Practices  and the Erosion of Public Trust

“Have a heart that never hardens, and a temper that never tires, and a touch that never hurts.” — Charles Dickens

Corruption is not just an economic issue; it is a moral and institutional crisis. It damages the nation’s image, weakens the economy, and discourages citizens from giving their best toward collective progress. When honesty is penalised and wrongdoing goes unpunished, the very spirit of society begins to erode.

India possesses immense human and natural resources, along with a deep-rooted tradition of values and ethical thought. Yet these strengths are undermined when corruption becomes embedded in systems and practices. The gap between what we profess and what we practise continues to widen.

The three pillars of governance—legislature, judiciary, and executive—each have a critical role. While laws are framed and justice is interpreted, it is the executive that directly impacts everyday life. Weak implementation, delays, and misuse of authority often create fertile ground for corrupt practices, even within well-intentioned policies.

This reality is evident across sectors. In education, merit is frequently overshadowed by opaque processes. In taxation, complexity encourages evasion and manipulation. Administrative mechanisms, instead of simplifying life, sometimes become sources of delay and harassment. Even regulatory frameworks meant to ensure transparency can, in practice, enable rent-seeking.

The greatest burden falls on honest and law-abiding citizens. They face obstacles, while those willing to bypass rules often succeed. This inversion of values breeds frustration, erodes trust in institutions, and normalises corruption.

Addressing this challenge requires more than moral exhortation. It calls for transparent systems, strict accountability, and consistent enforcement. Institutions must not only function efficiently but also uphold the principles they represent.

The words of Charles Dickens remain a timeless guide. Governance must be anchored in integrity, fairness, and a genuine commitment to public welfare. Without these, progress will remain fragile and incomplete.

People by and large are good, sober ,  god fearing,   strongly believing in  coexistence, possibly  adhering to all values and ethics in general and having  very optimistic aspirations to lead a life of dignity and see the country growing fast and the most developed one by 2047. The governance system needs to be encouraging and all supportive in letter and spirit.  

Loka Samastha Sukhino Bhavanthu.

T V G Krishnan

(personal Views).

NEED FOR CLARITY AND REASSURANCE IN PUBLIC INTEREST.

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The reported resignation of the Chairman of a leading private sector bank, citing concerns that certain practices were “not in congruence” with his personal values and ethics, merits careful and balanced attention from the Authorities concerned. Such a statement, coming from a person at the helm, naturally raises questions in the minds of stakeholders, particularly when Trust forms the very foundation of banking.

While the institution concerned has, over decades, built a strong reputation for stability, soundness, and professionalism, developments of this nature cannot be viewed lightly. At the same time, it is equally important to avoid speculation or premature conclusions that may unnecessarily unsettle depositors, investors, and employees.

In this context, it would be appropriate for the concerned authorities and the bank’s board to examine the matter with due diligence and provide necessary clarity. Transparent communication, wherever required, will go a long way in reinforcing public confidence and ensuring that the institution continues to function in a manner that upholds the highest standards of governance and accountability.

Banks occupy a unique and sensitive position in the economy, dealing as they do with public funds and trust. Any perception of divergence from established ethical and professional norms, even if only apparent, deserves timely attention and reassurance in the larger public interest.

The need of the hour is to enhance TRUST and CREDIBILITY in all Institutions particularly those engaged in  dealing with Money and Human resources and top management of such  Institutions and the Governance Standards need to be sensitive,  effective and meaningful .     

 T V Gopalakrishnan

(personal Views)

(Money Life has published this comment on 20/3/26 ). 

War, Oil, and the need for Mature Leadership

 Dear Sir,

                                  War , Oil and the need for Mature Leadership

Apropos your editorial “Oil Prices: Fuel to Put a Stop to War” (ET, March 10), the reality is that as long as war continues to occupy the minds of some leaders as a convenient solution to problems created by human actions, geopolitical tensions will persist and meaningful solutions will remain elusive.

Immature thinking and mindless actions, often taken without understanding the enormous human suffering caused by conflict, continue to destabilise the global order. Weak governance standards, rapid technological changes without adequate humanitarian considerations, and the irresponsible use of social media to spread unexamined opinions only aggravate existing tensions. Such developments can disrupt the movement of essential goods and services, disturb economic stability, and undermine the peaceful coexistence necessary for societal progress.

The consequences are already visible—rising inflation, shortages of essential commodities, and the exploitation of economic, social and political instability by vested interests. Without a conscious effort to prioritise peace and cooperation, these trends may well become the defining feature of our times.

What the world urgently needs is mature leadership. Nations must engage in sincere dialogue, interact constructively and arrive at workable solutions that prioritise peace, security and human welfare. The objective should be to create an environment that allows societies to progress while respecting the ethical and humanitarian values common to all religions and cultures.

War only brings destruction and suffering. The global community must instead strive for cooperation, wisdom and restraint to ensure a stable and humane future for all.

T.V.G Krishnan

( Letter Sent to ET )

Institutions Must Act with Conscience -Not Convenience RESTORE TRUST IN ALL INSTITUTIONS.

 Institutions Must Act With Conscience—Not Convenience RESTORE TRUST IN ALL INSTITUTIONS.

The recent observations of the Supreme Court of India on the functioning of the Real Estate Regulatory Authority (RERA) are not just a comment on one sector—they are a warning to all institutions, public and private. They remind us that accountability cannot be optional and that conscience cannot be selective.

Let us speak plainly. A system that bends before money, influence, and power cannot deliver justice. When laws are twisted, delayed, or diluted to suit the influential, institutions lose their legitimacy. Corruption is no longer an exception—it is becoming a tolerated practice. This must stop.

Our civilisational values, reflected in Sanatan Dharma, place truth, duty, and righteousness at the centre of life. Institutions too must live by these values. Their purpose is not to serve the powerful, but to protect the ordinary citizen and uphold fairness.

The resilience of the common citizen is extraordinary—but it must not be exploited. People cannot be expected to carry the burden of institutional failure while a few benefit from manipulation and privilege. Every delay in justice, every act of negligence, and every misuse of authority directly harms public trust.

India’s aspiration of a Viksit Bharat will remain only a slogan unless institutions act with integrity, courage, and clarity of purpose. Laws and structures already exist. What is missing is honest implementation and moral responsibility.

The call now is clear and urgent:

• Institutions must function in letter and spirit—not selectively
  
  

• Regulators must regulate without fear or favour
  
  

• Authorities must act with transparency and accountability
  
  

• Private entities must remember their social responsibility, not just profit

• All Professionals Associated with Institutions must deliver adhering to the Ethics and Values in letter and spirit.

• The performance of all Housing and Estate related Institutions should be assessed and certified by RERA and ensure that they have ensured and adhered to all statutory and other requirements in letter and spirit.
  
  

This is not merely administrative reform—it is a moral responsibility.

Those entrusted with authority must introspect and act now. The nation does not need more promises; it needs principled action. When institutions act with conscience and commitment, justice will prevail, trust will be restored, and the vision of national progress will become a lived reality for every citizen.Institutions should learn to earn respect, regards, goodwill and trust through dedicated , committed service with skill knowledge and understanding of Institution's , Vision and Mission, role and responsibility aligning well with Nation's dream of realisation of Viksit Bharat by the year 2047.Each and every Institution's performance should be subject to evaluation and rating based on their performance and contributions to the nation's economic progress based on well meaning and achievable parameters even by adopting Artificial Intelligence in all areas of delivery of goods and services.

Sarve Jana Sukhino Bhavanthu.

Dr T V G Krishnan

(Personal Views)

Indian Economy and Financial System in the Age of AI: Pathway to a Viksit Bharat by 2047

 

Indian Economy and Financial System in the Age of AI: Pathway to a Viksit Bharat by 2047

India is one of the most dynamic countries, and the scale of the opportunity IT HAS WITH AI IS IMMENSE.

Sundar Pichai

Chief Executive Officer, Google.

1. Background and Context

India stands at a defining economic moment. With strong GDP growth, expanding infrastructure, and globally recognised digital public infrastructure such as India Stack and Unified Payments Interface, the country has built a solid macroeconomic base.

At the same time, the rapid rise of Artificial Intelligence (AI) is reshaping the global economic and financial landscape. For India—where the services sector, particularly IT, has been a major growth engine—this transformation presents both opportunity and risk.

As India aspires to achieve “Viksit Bharat” by 2047, the policy challenge is to ensure that technological transformation leads to inclusive, employment-rich, and ethically grounded development.

2. Current Assessment of the Economy and Financial System

2.1 Macroeconomic Strengths

• Sustained high growth trajectory relative to global peers
  
  

• Strong public investment in infrastructure
  
  

• Improving tax buoyancy and formalisation
  
  

• Resilient external sector
  
  

2.2 Financial System Stability

Guided by the Reserve Bank of India, India’s financial system has strengthened significantly:

• Reduction in Non-Performing Assets (NPAs)
  
  

• Improved capital adequacy of banks
  
  

• Expansion of digital finance and fintech ecosystem
  
  

• Greater financial inclusion through Jan-Dhan–Aadhaar–Mobile architecture
  
  

2.3 Structural Concerns

Despite strengths, several persistent issues remain:

• Employment generation lagging behind growth
  
  

• Income and regional inequality
  
  

• Stress pockets in NBFC and retail credit segments
  
  

• Slow judicial and regulatory resolution mechanisms
  
  

3. AI and IT Disruption: Implications for India

India’s globally competitive IT sector—represented by firms like Infosys and Tata Consultancy Services—is undergoing structural transformation due to AI-led automation.

3.1 Opportunities

• Productivity gains across sectors (health, agriculture, logistics, governance)
  
  

• Creation of new sectors (AI services, data economy, cyber security)
  
  

• Global leadership potential in digital public infrastructure and AI governance
  
  

3.2 Risks

• Displacement of mid-level IT and BPO jobs
  
  

• Wage stagnation in routine service roles
  
  

• Skill polarisation and widening inequality
  
  

• Concentration of economic power in high-technology firms
  
  

4. Key Policy Risks for the Next Two Decades

1. Jobless or Job-poor Growth
   
   

2. Skill Mismatch in the AI Economy
   
   

3. Financial Sector Exposure to Technology-led Disruption
   
   

4. Digital Divide and Unequal Access
   
   

5. Governance and Ethical Deficits in Technology Deployment
   
   

5. Strategic Policy Recommendations

5.1 Employment-Centric Economic Strategy

• Incentivise labour-intensive manufacturing and MSMEs
  
  

• Develop green economy jobs (renewable energy, climate adaptation)
  
  

• Strengthen urban employment programmes
  
  

5.2 National Human Capital and Skills Mission

• Universal foundational learning reform
  
  

• Large-scale reskilling for AI, robotics, and data systems
  
  

• Industry-academia collaboration for future-ready workforce
  
  

5.3 Financial System Deepening and Risk Management

• Strengthen supervision of NBFCs and fintech lending
  
  

• Expand long-term bond markets and pension funds
  
  

• Promote responsible AI use in credit scoring and risk analytics
  
  

5.4 AI Governance and Ethical Framework

India should emerge as a global leader in responsible AI by:

• Establishing national AI regulatory standards
  
  

• Ensuring transparency, auditability, and accountability
  
  

• Protecting data privacy and citizen rights
  
  

5.5 Institutional and Governance Reforms

• Faster judicial and contract enforcement systems
  
  

• Transparent and time-bound regulatory approvals
  
  

• Strengthened anti-corruption and accountability frameworks
  
  

6. Role of the State, Market, and Society

A Viksit Bharat requires coordinated action:

Stakeholder	Role
Government	Policy clarity, infrastructure, human capital investment
Private Sector	Innovation, employment generation, ethical AI adoption
Financial Institutions	Responsible credit expansion and risk management
Civil Society	Ensuring inclusiveness, accountability, and trust

7. Measuring Success Beyond GDP

Development must be evaluated not only by output but by  outcomes in terms of quantity and quality in the areas of

Employment

Access to healthcare and education
Financial security
Environmental sustainability
Trust in institutions for their delivery in terms of Statutory and moral Requirements.

Trust in the overall  Governance Standards in Legislative, Judiciary and Executive areas.
8. Conclusion

India has a historic opportunity to transform itself into a developed, equitable, and technologically advanced economy by 2047. However, this transition will not occur automatically through growth or technology alone.

It requires:

• Ethical governance
  
  

• Strong institutions
  
  

• Employment-oriented growth
  
  

• Human-centred technological adoption
  
  

AI can be a powerful accelerator, but only when guided by wisdom, regulation, and social responsibility.

A truly Viksit Bharat will not merely be a richer India—it will be a fairer, more humane, and more trustworthy society.

May the Artificial Intelligence along with the very prudential and providential application of Natural intelligence under the guidance of Spiritual Intelligence take the economy fast forward and provide the best of quality life keeping the  powerful and mighty nature in tact with the optimum use of  all its  energy .  

Loka samastha Sukhino Bhavanthu.

T V G Krishnan

(Personal Views)