"Today, corruption in India is worse than the spread of the AIDS virus. It (corruption) has a multi-dimensional effect on the nation: it weakens the moral standards of citizens, it lowers the growth rate of the economy, it distorts investment priorities, it subverts democracy, and it enables the nation's enemies to play havoc with national security," said Subramanian Swamy on Monday.
He was speaking at an event marked to release his new book, Corruption and Corporate Governance in India: Satyam, Spectrum and Sundaram.
Two major scandals -- namely the Satyam Computer scam and the DoT spectrum allocation issue -- symbolise this virus, he alleged in the presence of Prime Minister Manmohan Singh's former and current media advisors, Sanjaya Baru and Harish Khare.
The first copy of Swamy's book was handed over by Sanjaya Baru to distinguished lawyer Fali S Nariman at a simple function at India International Centre recently.
Swamy's book argues that if the legal system dishes out quick and harsh punishment to corrupt persons, it can deter others from resorting to such activities. Delayed and weak action against the corrupt only leads to the problem becoming bigger.
Citing the example of Wall street investor Bernard Madoff (who pleaded guilty on March 2009 and admitted to turning his business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars), Swamy said that by July 2009 Madoff had already been convicted and sentenced to 150 years in prison.
In India, said Swamy, "the exact opposite is happening", lamenting the delay in awarding punishment to the corrupt.
Swamy also backed Fali Nariman's suggestion to nationalise bank accounts held by Indian citizens in Switzerland. If the account holder proves that he has paid tax on these funds, his money can be returned, he said.
"This," he said, "will enable a return of at least half of the trillion dollars back to the country. But today the government is extremely shy to even act on information provided by other governments."
He said that India is amongst the most corrupt nations in the world and that it was time we fought and defeated the scourge.
Speaking on the occasion, Nariman painted a grim picture of corruption in the corporate sector and elsewhere.
He lamented that some auditors were found wanting in their job and said that it was time to inculcate certain values and ethics in business too. "But I am at a loss on how to instil these values. I have no answers," he said.
He said that the only way to contain corruption is to "enforce probity and restrain greed."
"There is no spiritual leader who can inspire us," he said. He added that we need Mahatma Gandhi to deliver us.
Echoing the current debate over high CEO compensation, Nariman said: "I feel sad every time a billionaire is added in India."
