TIMESONLINE: Indian MPs running in this year’s election have become almost 300 per cent richer on average since the last poll in 2004, and one is more than 90 times wealthier, according to the first detailed study of their financial assets.
The report by National Election Watch, a coalition of non-government organisations, proves for the first time what many had long suspected — that MPs have enriched themselves in office while life has remained a struggle for the 880 million Indians surviving on less than $2 (£1.30) a day.
Under a Supreme Court ruling in 2003, all election candidates must disclose their assets, educational qualifications and any criminal background.
The report takes the assets declared by 300 MPs running in this year’s month-long election, which ends tomorrow, and compares them with their declarations in 2004. It shows that 14 MPs disclosed a tenfold increase in their wealth over the past five years. Thirty, including a Cabinet minister, declared a fivefold increase and 175 reported a rise of more than 100 per cent.
“Politics has become a huge money-making business,” said Trilochan Sastry, the Dean of the Indian Institute of Management Bangalore, who led the study. Most members of the 543-seat Parliament — 128 of whom face criminal charges — had under- reported their wealth, he added. >>> Jeremy Page, South Asia Correspondent | Tuesday, May 12, 2009
