New Delhi, Aug 19 (KNN)  World Bank's chief economist Kaushik Basu, today said that huge energy can be unleashed to revive growth in the Indian economy by giving a corruption free business environment to small entrepreneurs.

“If you facilitate them, permissions happen quickly without corruption, you are going to unleash huge energy,” Basu said delivering the JRD Tata Memorial Lecture here.
He said the biggest problems facing the Indian Economy in the long run are those of governance and bureaucratic inefficiencies.

But caution has to be exercised by the government while dealing with corruption. This is because sometimes the government’s high-handedness on stamping corruption out can affect the legitimate business interest.

Basu, who is also the World Bank Senior Vice President (Development Economics) has said, dealing with corruption has also got a lot to do with the culture.

Removing corruption in governance needs simple changes in law. The law should be so changed to treat giver of the bribe as a victim. There should be asymmetrical punishment for givers and takers of the bribe.

He said, it is the small businesses which suffer a lot because of corruption and it is these small businesses which have a huge energy waiting to be unleashed.  
The event was organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM).   (KNN/PC)