The allegations are flying thick and fast, and every day brings some fresh news about some financial scam - from relatively small to medium sized to absolutely humongous amounts. At the moment there seems to be almost nothing else that is newsworthy, as print and television media all obsess about the exposures, accusations and counter-accusations about financial malfeasance and outright corruption among the powerful elite of India.
So what exactly is going on?
Has India become more a more corrupt society and economy than before? Or is that progressive pieces of legislation like the Right to Information Act allowed people to unearth more about the dirt that has accompanied much of the previous boom? Or is it simply that citizens have finally had enough, and so are empowering whistleblowers and activists to break the "omerta" (code of silence among the Mafia) that has in the past prevented greater public knowledge of the extent of such nefarious activities?
Going by the numbers involved, it seems apparent that the extent of economic illegality, fraud and corrupt practices has ballooned in recent times in India.
Text: Jayati Ghosh
Renowned economist Dr Jayati Ghosh is the Professor of Economics at the Jawaharlal Nehru University in New Delhi. She is also a member of the National Knowledge Commission set up by the Indian Prime Minister.