India among most corrupt nations

Corruption has become as way of life across the world, costing global economies billions of dollars every year.

Transparency International's (TI) Global Corruption Report 2009 shows how bribery, price-fixing cartels and undue influence on public policy undermine fair competition, stifle economic growth and ultimately undercut a business's own existence.

About half of international business executives polled by TI estimated that corruption escalated project costs by at least 10 per cent.

The report reveals that consumers around the world were overcharged approximately $300 billion through almost 300 private international cartels discovered from 1990 to 2005.

In developing countries alone, companies colluding with corrupt politicians and government officials have supplied bribes estimated at up to $40 billion annually, according to TI.

Companies with anti-corruption programmes and ethical guidelines are found to suffer up to 50 per cent fewer incidents of corruption and are less likely to lose business opportunities than companies without such programmes.