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Coding like a girl What obstacles do young women in technology have to overcome to achieve their dreams? Hundreds face mass eviction in Canada's capital About homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months 21 Aug First, cronies have no political party; to be more precise, they shift allegiance from one party to another. Vijay Mallya became a Rajya Sabha member in the early s with the support of Congress.
The politician needs the corrupt businessman to provide the funds that allows him to supply patronage to the poor and fight elections.
But the businessman in question not only needs access to natural resources, he also needs loans for his investments. Mallya got loans from 17 different banks — mostly public banks whose directors are increasingly from the ranks of junior bureaucrats when the post is not vacant and whose arm can be even more easily twisted. When Kingfisher was declared bankrupt in , that was exactly the amount the company owed to its employees, suppliers etc.
While Mallya has attracted attention, several other industrial houses illustrate the two dimensions of crony capitalism. According to the Credit Suisse, in , the group got additional loans to acquire one more deep-sea port and two thermal plants, increasing by 16 per cent its debt, that was already among the highest — it had jumped from Rs billion in to Rs billion in Credit Suisse Securities Research and Analytics, House of debt, October 21, The Credit Suisse report reviews the situation of 10 companies which continued to receive loans despite huge debts and which probably coincide with the list — kept secret — of the dozen of big defaulters representing a large part of the NPAs today.
However, Mallya belongs to a category of Indian businessmen who are, by and large, not represented on the Credit Suisse list.
This category is made of those who are so active in politics that they have been elected on a party ticket. Murali eds , Business and Politics in India. This reflects the win-win equation between parties and businessmen: On the one hand, parties do not have to pay for the election campaigns of these rich candidates and on the other hand, these businessmen-turned-MPs get access to the corridors of power.
As MPs, big businessmen can access first-hand information that may be useful for their businesses — they may even influence the making of regulations affecting them. Mallya was a member of several committees related to his sectors, including the advisory council that the ministry of civil aviation set up in the s, the committee on industry, the Standing Committee on Commerce, etc.
Other businessmen-turned MPs epitomise such conflicts of interest. Rajeev Chandrasekhar, a Rajya Sabha member who was elected first as an independent and reelected in with BJP support, had been a member of the Consultative Committee on Finance, of the Select Committee on Real Estate etc — in spite of the fact that he is the founder of Jupiter Capital, an investment and financial services firm.
The intrinsic component refers to a mentality problem, the extrinsic component to external circumstances like poverty, inadequate remuneration, inappropriate work conditions and inoperable or overcomplicated procedures which demoralize people and let them search for "alternative" solutions. This power of Indian authorities to search and question individuals creates opportunities for corrupt public officials to extract bribes—each individual or business decides if the effort required for due process and the cost of delay is worth paying the bribe demanded. Archived from the original PDF on 7 March Former CMO, Sachan booked". Retrieved July 23, Unprecedented, the law of an industrial country directly condemned active corruption, particularly in international business transactions, which was at that time in contradiction to anti-bribery activities of the World Bank and its spin-off organization Transparency International. This article needs attention from an expert in section.
Businessmen-turned MPs not only learn about the laws that Parliament is making to regulate their activities possibly influence them , but they also come to know the bureaucrats who will implement these rules. They may even recruit them after retirement.