End govt's discretionary powers to curb corruption: Godrej

Industry doyen Adi Godrej on Sunday saidbringing in an anti-corruption law like the Lokpal Bill will not help weed outcorruption from the polity and stressed that the malaise can be removed only bydismantling government's discretionary powers.

"I don't think only a strong Lokpal, even the kind ofthe Lokpal Bill that Anna Hazare's team has suggested, will by itself solve theproblem. I think we have to dismantle government's discretionary handling ofthings," the Godrej Group Chairman said at a special session on thefallout of the corruption movement in the country, at the WEF-CII organisedIndia Economic Summit here.

Be it business permissions or day-to-day permissions,described by some as petty corruption, Godrej said that unshackling of thepresent system of "case-by-case government permissions" will alonehelp in tackling the issue.

He also spoke about the economic benefits of ending orbringing down the scourge of corruption.

"If we are able to fight corruption successfully, Ithink it will considerably increase foreign investment. I also think if we areable to reduce corruption considerably, it can add about a percentage point tothe country's GDP growth," Godrej said.

On the black money issue, Godrej said he was amused as towhy the money has to be kept in Swiss banks which fetch around 1 per centinterest when parking it in the domestic financial system can fetch it aminimum of 8 per cent.

The government should make it appealing for such persons tokeep the money onshore through its policies, he said.