Rajya Sabha MP and entrepreneur Rajeev Chandrasekhar on Saturday said the spate of recent scams had exposed how the country's regulatory institutions had been compromised.
Speaking at the 10th India Today Conclave's session on 'Politics and Business: The Odd Couple?' he said, "These (scams) have caused a huge amount of pain and embarrassment leading some people to call India a banana republic." He said the nexus between politics and business was critical to the direction the country was taking. "India has developed but the state capacities have not grown. The reform agenda has gone astray," said the MP.
Chandrasekhar suggested creating a culture of disclosures in the decision-making process. "There is a need to create a new set of regulatory institutions and a new legal framework to tackle crime," he said.
According to DLF Group Chairman K.P. Singh, development is possible when politics and business act in harmony. "All advanced economies are successful today because their political systems have allowed business to flourish through transparent systems," he said, adding that this kind of partnership could solve India's complicated issues. People need jobs through continuous economic development and this is possible through creative entrepreneurship and vigilant governance, said Singh.
His suggestion for transforming the odd couple of business and politics to a positive synergy was to get rid of the old baggage in terms of mindset and set up a special court to fast-track trials.
For Arun Shourie, former disinvestment minister and journalist, the prime need of the country is strong groups with their own identities. "We need those who get recognition for their governance, those who get recognition because of public activism and those who gains recognition because of public good," he said.
"The problem is that some people have a lot of power to stop things from happening and some people don't have enough power to push things," he added. Shourie also said the media must play its role in churning up debate on issues over which dialogue has ceased.